The Auditing Standards Regarding Subsequently Discovered Facts Refers to Knowledge

question 104

Multiple Choice

The auditing standards regarding subsequently discovered facts refers to knowledge obtained after

• A) The date the fieldwork began.
• B) The date of the auditors' report.
• C) The date of the financial statements.
• D) The date interim audit work was complete.

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Definitions:

Cash Short and Over

An account that stores any discrepancies between the expected cash count and the actual amount of cash present, reflecting errors or theft.

Other Income

Revenue generated from activities that are not part of a company's primary business operations, including interest, dividends, and gains from asset sales.

Income Statement

A financial report that shows a company's revenues, expenses, and profits over a specific period.

Separating Responsibilities

A risk management technique that involves dividing tasks and authorities among different individuals or groups to reduce the risk of error or fraud.