In Regard to Identifying and Evaluating Subsequent Events, AU 560

question 15

Multiple Choice

In regard to identifying and evaluating subsequent events, AU 560.12 specifies that the auditor inquires of management having responsibility for financial and accounting matters as to all of the following except:

• A) any substantial contingent liabilities or commitments existing at the balance sheet date or date of inquiry.
• B) any significant changes in capital stock, long-term debt, or working capital to the date of inquiry.
• C) the minutes of meetings of directors, stockholders, and other appropriate committees.
• D) the current status of items previously accounted for on the basis of tentative, preliminary, or inconclusive data.
• E) whether any unusual adjustments have been made since the balance sheet date.

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Definitions:

Output Voltages

The electrical voltages produced by a system or device, often as a result of processing input signals or data.

ON/OFF Switching

ON/OFF Switching refers to a basic control mechanism that allows electrical or electronic devices to be turned on or off with a switch.

Hot Swappable I/O Modules

Input/Output modules designed to be exchanged or replaced without shutting down the system they are part of.

Power On

The action or process of activating a device or system, providing it with electrical power to begin operation.