Subsequent to the Issuance of the Audit Report, the Auditor

question 14

Multiple Choice

Subsequent to the issuance of the audit report, the auditor became aware of facts existing at the report date that would have affected the report had the auditor then been aware of such facts.After determining that the information is reliable, the auditor should

• A)Determine whether there are persons relying or likely to rely on the financial statements who would attach importance to the information.
• B)Request that management disclose the newly discovered information by issuing revised financial statements.
• C)Issue revised pro forma financial statements taking into consideration the newly discovered information.
• D)Give public notice that the auditor is no longer associated with the financial statements.

Grasp the significance of early auditory experiences and preferences in newborns.

Understand the concept and graphical representation of price elasticity of demand.

Distinguish between different types of price elasticity (elastic, inelastic, unit elastic, perfectly elastic, and perfectly inelastic).

Analyze factors that affect price elasticity of demand, including availability of substitutes and proportion of budget spent on the good.

---

Definitions:

Affirmative Action

Policies or procedures intended to address historical inequalities and discrimination by providing advantages in education, employment, and other areas to groups that have been marginalized.

Federal Government

The national government of a federal state, which holds the authority to govern matters that affect the entire country, distinct from state or local governments.

American Firms

Companies or businesses that are based in the United States, operating either domestically or internationally, and governed by American laws and economic policies.

Personal Responsibility and Work Opportunity Reconciliation Act

A 1996 US federal law aimed at reforming welfare programs, encouraging work, and reducing dependency on government assistance.