In the Audit of the Transactions and Amounts in the Capital

question 23

Multiple Choice

In the audit of the transactions and amounts in the capital acquisitions and repayments cycle,the auditor must ensure that significant legal requirements affecting the financial statements have been properly fulfilled and

• A)any violations are reported to the relevant provincial securities commissions.
• B)any departures from the agreements are made with management's knowledge and consent.
• C)are adequately disclosed in the financial statements.
• D)must issue a disclaimer if they haven't been fulfilled.

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Definitions:

FOB Shipping Point

The shipping process in which the buyer pays transportation charges for goods, the title for which passes to the customer when the goods are loaded onto the shipping vehicle.

Buyer

A person or organization that acquires goods or services, often in exchange for money.

Shipping Costs

Expenses associated with the transportation of goods from one location to another, typically borne by the seller or the buyer as specified in sales terms.

GIS

Geographic Information System, a tool that captures, stores, analyzes, and presents spatial or geographical data.