On Discovery of an Omitted Procedure, the Auditor Should Assess

question 73

True/False

On discovery of an omitted procedure, the auditor should assess its importance to his or her ability to currently support the opinion expressed on the financial statements.

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Definitions:

Slight Delay

A brief period of waiting or postponement which is minimal but noticeable.

Conservation

The principle (which Piaget believed to be a part of concrete operational reasoning) that properties such as mass, volume, and number remain the same despite changes in the forms of objects.

Maturation

The process of becoming mature, which involves the growth and development of an organism or human from infancy to adulthood.

Assimilation

In psychology, the cognitive process of fitting new information into existing cognitive schemas, perceptions, and understanding.