Which Level of Risk Does the Auditor Normally Assign to the Presentation

question 53

Multiple Choice

Which level of risk does the auditor normally assign to the presentation and disclosure-related assertion of completeness for contingent liabilities and subsequent events?

• A)low risk for inherent risks that required information may not be disclosed in the notes
• B)medium for control risk with respect to identifying relevant events
• C)medium with respect to providing adequate detail for the notes
• D)high risk that all required information may not be disclosed in the notes

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Definitions:

Conditional

A status that depends on certain requirements being met or conditions being fulfilled.

Recover

The act of obtaining a return to a normal state of health, mind, or strength, or regaining possession or control of something lost or taken away.

Marriage

Marriage is a legally or culturally sanctioned union between individuals that establishes rights and obligations between them, as well as between them and their children.

Ucc

The Uniform Commercial Code (UCC) is a set of laws that provide legal rules and regulations governing commercial or business dealings and transactions.