After the Auditor's Report Has Been Signed, the Auditor

question 12

Multiple Choice

After the auditor's report has been signed, the auditor:

• A) does not have a responsibility to detect subsequent events.
• B) has a responsibility to detect subsequent events only if they will have a material effect on the financial statements
• C) has provided absolute assurance that all significant events occurring up to that date have been identified.
• D) only has responsibility to detect subsequent events if they have a negative impact on the financial statements

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Definitions:

Noncontrolling Interest

It refers to the ownership in a subsidiary not attributable to the parent company, representing a minority share that does not control the company.

Assets

Economic resources owned or controlled by a business or an individual which are expected to produce future benefit.