The Auditor Has a Responsibility to Review Transactions and Activities

question 71

Multiple Choice

The auditor has a responsibility to review transactions and activities occurring after the year-end to determine whether anything occurred that might affect the valuation or disclosure of the statements being audited.The auditing procedures required to verify these transactions are commonly referred to as the review for

• A)contingent liabilities.
• B)subsequent year's transactions.
• C)late unusual occurrences.
• D)subsequent events.

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Definitions:

Federal Programs

Government initiatives funded and operated at the national level to provide services or benefits to the public.

Health Insurance

A type of insurance coverage that typically pays for medical, surgical, prescription drug, and sometimes dental expenses incurred by the insured.

Medicare

A federal health insurance program in the United States for people who are 65 or older, certain younger people with disabilities, and people with End-Stage Renal Disease.

Low-Income Patients

Individuals seeking medical care who have limited financial resources, affecting their access to healthcare services.