From the List Below, Select the Procedures That an Auditor

question 16

Essay

From the list below, select the procedures that an auditor would use to test for contingent liabilities.
a. Inquire of SEC officials regarding reported violations by the entity that create claims.
b. Read the entity's contracts, loan agreements, leases, and other documents.
c. Read the entity's minutes of meetings of shareholders, directors, and committees.
d. Request a representation letter from all the entity's employees.
e. Read the legal briefs of all suits filed against the entity's competitors.
f. Request the entity's management to prepare a letter of inquiry to the entity's attorney regarding pending litigation against the entity.

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Definitions:

Retirement Years

The period in a person's life after they have permanently left the workforce, typically involving receipt of retirement benefits.

Marketing Plan

A comprehensive document or blueprint that outlines a company's advertising and marketing efforts for a specific period.

Positive Beliefs

Optimistic convictions or attitudes that individuals hold, which can drive their behavior and outlook on life, including in professional settings like sales.

Puffery

The use of exaggerated or vague statements in advertising or sales that are subjective and not expected to be taken literally, used to create appeal without making concrete claims.