This Question Will Represent a Statement, Question, Excerpt, or Comment

question 24

Multiple Choice

This question will represent a statement, question, excerpt, or comment taken from various parts of an auditor's documentation file. Letter choices A-P represent a list of the likely sources of the statement, question, excerpt, or comment. Select, as the best answer for each item, the most likely source. Select only one source for each item. It is our opinion that the possible liability to the company in this proceeding is nominal in amount.

• A) Practitioner's report on management's assertion about an entity's compliance with specified requirements.
• B) Auditor's communications on significant deficiencies in internal control. C. Audit inquiry letter to legal counsel.
• C) Lawyer's response to audit inquiry letter.
• D) Communication from those charged with governance to the auditor.
• E) Auditor's communication to those charged with governance (other than with respect to significant deficiencies in internal control).
• F) Report on the application of accounting principles.
• G) Auditor's engagement letter.
• H) Letter for underwriters.
• I) Accounts receivable confirmation request.
• J) Request for bank cutoff statement.
• K) Explanatory paragraph of an auditor's report on financial statements.
• L) Partner's engagement review notes.
• M) Management representation letter.
• N) Successor auditor's communication with predecessor auditor.
• O) Predecessor auditor's communication with successor auditor.

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Definitions:

Wye

A connection in three-phase systems where the ends of each phase are connected at a common point, forming a Y-like shape.

Delta

A method of connection for a three-phase electrical circuit that forms a triangle-like configuration.

Balanced Three-Phase System

A three-phase electrical system where all three phases carry equal currents and have the same voltage magnitude but are out of phase with each other by 120 degrees.

Single-Phase

An electrical power system that uses only two wires (one power wire and one neutral) to deliver alternating current.