Auditors Sometimes Encounter Situations in Which the Outcome of a Matter

question 73

Multiple Choice

Auditors sometimes encounter situations in which the outcome of a matter cannot be reasonably estimated at the time the financial report is issued.These matters are referred to as:

• A) significant uncertainties.
• B) non sequiturs.
• C) in suspense matters.
• D) inestimable matters.

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Definitions:

Contributory Negligence

A defense in tort law that reduces the plaintiff's entitlement to damages if it can be proven that their own negligence contributed to the harm suffered.

Affirmative Duty to Act

A legal obligation requiring a person to take some action, often in emergency situations where their failure to act could result in harm to others.

Pedestrian Witnessed

Pertains to an incident or event that is observed by a person who is on foot at the time.

Auto Accident

An unexpected event involving a vehicle that usually results in damage and/or injury.