SAS 59 Establishes Auditor Responsibility for Evaluating Whether There Is

question 68

Multiple Choice

SAS 59 establishes auditor responsibility for evaluating whether there is any doubt about the entity's ability to continue as a going concern for a reasonable period of time. This reasonable period of time is defined as:

• A) at least one year past the date of the statements under audit.
• B) at least one year past the date of the audit report.
• C) not to exceed two years past the date of the audit report.
• D) not to exceed one year past the date of the statements under audit.
• E) not to exceed one year past the date of the audit report.

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Definitions:

Maximum Life Span

The longest period that members of a species can live under ideal circumstances.

Species

Species refers to a group of living organisms consisting of similar individuals capable of exchanging genes or interbreeding, categorized distinctly from other species by specific common attributes.

Morality

Guidelines that distinguish between moral and immoral actions.