The Audit Procedures for the Subsequent Events Review Can Be

question 30

Multiple Choice

The audit procedures for the subsequent events review can be divided into two categories: 1) procedures normally integrated as a part of the verification of year-end account balances,and 2) those performed specifically for the purpose of discovering subsequent events.Which of the following procedures would be in the first category?

• A)Make inquiries of client regarding contingent liabilities.
• B)Obtain a letter of representation written by client.
• C)Examine subsequent period sales and purchases transactions to determine whether the cutoff is accurate.
• D)Review the minute book to determine the existence of any transaction related to year 1.

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Definitions:

Metabolic Syndrome

A cluster of conditions including increased blood pressure, high blood sugar, excess body fat around the waist, and abnormal cholesterol levels, that occur together, increasing your risk of heart disease, stroke, and diabetes.

High-Density Lipoprotein

Often referred to as "good" cholesterol; a type of lipoprotein that helps remove other forms of cholesterol from the bloodstream.

Fasting Blood Glucose

A measure of the sugar levels in blood after an individual has not eaten for a specific period, usually 8 hours, important for diagnosing diabetes.

Diabetes

A metabolic disorder characterized by high blood sugar levels over a prolonged period, resulting from defects in insulin secretion, insulin action, or both.