Which of the Following Best Describes Auditors' Responsibilities with Respect

question 21

Multiple Choice

Which of the following best describes auditors' responsibilities with respect to evaluating the going-concern status of the entity?

• A)Auditors are required to specifically gather evidence with respect to going-concern status and separately report on the entity's ability to continue as a going concern.
• B)Auditors are required to specifically gather evidence with respect to going-concern status and modify their report on the financial statements if substantial doubts exist.
• C)Auditors are required to consider evidence obtained during the audit that may provide information with respect to going-concern status and separately report on the entity's ability to continue as a going concern.
• D)Auditors are required to consider evidence obtained during the audit that may provide information with respect to going-concern status and modify their report on the financial statements if substantial doubts exist.

---

Definitions:

Abstract Labels

Conceptual terms or categories used to describe or classify complex ideas or phenomena that are not directly observable.

Idealistic Labels

Concept denoting the attribution of highly optimistic or unrealistic traits to concepts, individuals, or groups, often without acknowledging potential flaws or limitations.

Concrete Examples

Specific, real-life instances or scenarios that are used to explain a concept or to make it easier to understand.

Self-knowledge

An individual's understanding and awareness of their own personality, preferences, and capabilities.