This topic contains a solution. Click here to go to the answer
« previous next »

Author Question: If the auditor concludes that there are contingent liabilities, he or she must evaluate the ... (Read 37 times)

Maddie9229

  • Full Member
  • ***
  • Posts: 129
on: Aug 21, 2022
If the auditor concludes that there are contingent liabilities, he or she must evaluate the significance of the potential liability and the nature of the disclosure needed in the financial statements. Which of the following statements is not true?
◦ The potential liability is sufficiently well known in some instances to be included in the financial statements as an actual liability.
◦ Disclosure may be unnecessary if the contingency is highly remote or immaterial.
◦ A CPA firm often obtains a separate evaluation of the potential liability from its own legal counsel rather than relying on management or management's attorneys.
◦ The client's attorneys must remain independent when evaluating the likelihood of losing the lawsuit.
Auditing and Assurance Services ¦ Arens, Elder, Beasley, Hogan ¦ 17th Edition
Buy Test-Bank


Related Topics

Need homework help now?

Ask unlimited questions for free

Ask a Question
Marked as best answer by Maddie9229 on Aug 21, 2022

rhhoagland

  • Full Member
  • ***
  • Posts: 167
Reply #1 on: Aug 21, 2022
Lorsum iprem. Lorsus sur ipci. Lorsem sur iprem. Lorsum sur ipdi, lorsem sur ipci. Lorsum sur iprium, valum sur ipci et, vala sur ipci. Lorsem sur ipci, lorsa sur iprem. Valus sur ipdi. Lorsus sur iprium nunc, valem sur iprium. Valem sur ipdi. Lorsa sur iprium. Lorsum sur iprium. Valem sur ipdi. Vala sur ipdi nunc, valem sur ipdi, valum sur ipdi, lorsem sur ipdi, vala sur ipdi. Valem sur iprem nunc, lorsa sur iprium. Valum sur ipdi et, lorsus sur ipci. Valem sur iprem. Valem sur ipci. Lorsa sur iprium. Lorsem sur ipci, valus sur iprem. Lorsem sur iprem nunc, valus sur iprium.
Answer Preview
Only 56% of students answer this correctly


Maddie9229

  • Member
  • Posts: 129
Reply 2 on: Aug 21, 2022
YES! Correct, THANKS for helping me on my review

phuda

  • Member
  • Posts: 348
Reply 3 on: Yesterday
Wow, this really help

« previous next »
 

Did you know?

Inotropic therapy does not have a role in the treatment of most heart failure patients. These drugs can make patients feel and function better but usually do not lengthen the predicted length of their lives.

Did you know?

According to the American College of Allergy, Asthma & Immunology, more than 50 million Americans have some kind of food allergy. Food allergies affect between 4 and 6% of children, and 4% of adults, according to the CDC. The most common food allergies include shellfish, peanuts, walnuts, fish, eggs, milk, and soy.

Did you know?

To maintain good kidney function, you should drink at least 3 quarts of water daily. Water dilutes urine and helps prevent concentrations of salts and minerals that can lead to kidney stone formation. Chronic dehydration is a major contributor to the development of kidney stones.

Did you know?

In 1885, the Lloyd Manufacturing Company of Albany, New York, promoted and sold "Cocaine Toothache Drops" at 15 cents per bottle! In 1914, the Harrison Narcotic Act brought the sale and distribution of this drug under federal control.

Did you know?

In 2012, nearly 24 milliion Americans, aged 12 and older, had abused an illicit drug, according to the National Institute on Drug Abuse (NIDA).

How to evaluate and sketch a piecewise function (Part 1) How to evaluate and sketch a piecewise function (Part 1)
How to evaluate algebraic terms containing fractional exponents without a calculator How to evaluate algebraic terms containing fractional exponents without a calculator
How to evaluate the second order determinant How to evaluate the second order determinant
Evaluate: With solution. Evaluate: With solution.
Evaluate the following limits, if they exist - Pt 2 Evaluate the following limits, if they exist - Pt 2
Evaluate the following limits, if they exist - Pt 2 Evaluate the following limits, if they exist - Pt 2
Video: Structures that affect circulation - kidneys, blood volume and venous tone

For a complete list of videos, visit our video library