Which One of the Following Is NOT an Audit Procedure

question 93

Multiple Choice

Which one of the following is NOT an audit procedure that is commonly used to search for contingent liabilities?

• A) Review the minutes of directors and shareholders meetings.
• B) Perform inquiries of management (orally and in writing).
• C) Analyse legal expense for the period under audit.
• D) Review the current year's tax return.

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Definitions:

Major Competitors

The top or primary companies that compete in the same industry or market, offering similar products or services.

Strategy

A plan of action designed to achieve a major or overall aim, often involving detailed methodologies to conquer challenges and achieve long-term goals.

Prestige Pricing

A pricing strategy where goods are priced higher to evoke a sense of luxury or exclusivity.

Lamborghini

An Italian brand known for manufacturing luxury sports cars and SUVs, characterized by their high performance and distinctive design.