If, During the Completion Phase of the Audit, the Auditor

question 64

True/False

If, during the completion phase of the audit, the auditor determines that he or she has not obtained sufficient evidence to draw a conclusion about the fairness of the client's financial statements, there are two choices: either additional evidence must be obtained or a disclaimer of opinion must be issued.

---

Definitions:

Bankruptcy Code

A set of federal laws and regulations governing the process by which individuals, businesses, and other entities can declare bankruptcy in the United States, outlining the procedures for dealing with debts.

State Law

State Law comprises the laws and regulations enacted by the legislative bodies or established through precedents within a state's jurisdiction.

Bankruptcy Abuse, Prevention and Consumer Protection Act of 2005

A U.S. federal law designed to curb bankruptcy filings by setting stricter standards.

Bankruptcy Law

Legal statutes and regulations governing the process whereby individuals or entities are unable to repay their debts and seek relief from some or all of their liabilities.