Specific Audit Procedures to Identify Subsequent Events Include _______

question 94

Multiple Choice

Specific audit procedures to identify subsequent events include _______.

• A)obtaining an understanding of how management identifies subsequent events
• B)reading the client's subsequent interim financial statements, if available, and other data such as budgets and cash flow forecasts
• C)inquiring of the client's legal counsel regarding litigation, claims, and assessments
• D)All of these answer choices are correct.

---

Definitions:

Outstanding Balance

The amount of money that is still owed or due on a financial account or loan.

Invoice

A document issued by a seller to a buyer that lists goods or services provided along with their costs, signifying an obligation to pay.

Payment

The act of giving money in exchange for goods, services, or to fulfill an obligation.

ROG

Rate of Growth, representing the percentage increase in a particular variable over a specified period, often used in economic and financial contexts.