After the Financial Statements Have Been Issued, If a Subsequent

question 38

Multiple Choice

After the financial statements have been issued, if a subsequent discovery of facts occurs, that is, the auditor becomes aware that some information in the statements is materially misleading, the auditor should ask the client to issue an immediate revision. This is only required if:

• A) the discovery of facts relates to developments that occurred after the date of the auditor's report.
• B) management makes the discovery and informs the auditor.
• C) the auditor makes the subsequent discovery of facts him or herself.
• D) the facts discovered already existed at the audit report date.

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Definitions:

Debit Card

A payment card that deducts money directly from a consumer's checking account to pay for a purchase.

DoS Attack

Short for Denial of Service attack, it involves overwhelming a target's resources, making a network or resource inaccessible to its intended users.

Internet Crime Complaint Center

A partnership between the Federal Bureau of Investigation (FBI) and the National White Collar Crime Center (NW3C) aimed at receiving Internet-related criminal complaints and referring them to appropriate agencies.

FBI

The Federal Bureau of Investigation, a domestic intelligence and security service of the United States, and its principal federal law enforcement agency.