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.

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Definitions:

Personal Property

Movable assets owned by an individual or corporation, excluding real estate.

Agreed-Upon Manner

pertains to a method or process that all involved parties have mutually accepted or consented to follow.

Supreme Court Of Alabama

The highest judicial authority in the state of Alabama, responsible for interpreting state laws and constitution.

Safeguard

Measures or actions taken to protect against hazards, loss, or other unwanted outcomes.