ASA 570 Requires the Auditor to Evaluate Whether There Is

question 59

Multiple Choice

ASA 570 requires the auditor to evaluate whether there is a substantial doubt about a client's ability to continue as a going concern for at LEAST:

• A) one year beyond the date of the auditor's report.
• B) one year beyond the reporting date.
• C) one quarter beyond the date of the auditor's report.
• D) one quarter beyond the balance sheet date.

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Definitions:

Impressions

The immediate thoughts or feelings that are elicited in a person upon encountering something or someone for the first time.

Perception

The process through which people receive, organize, and interpret information from the environment.

Self-serving Bias

The common tendency to attribute one's successes to personal characteristics and failures to external factors.

False Confidence

An unfounded belief in one's abilities or outcomes, which can lead to taking undue risks or making poor decisions.