If the Auditors Discover That the Carrying Amount of a Client's

question 55

Multiple Choice

If the auditors discover that the carrying amount of a client's investments is overstated because of a loss in value that is other than a temporary decline in market value,they should insist that

• A) The approximate market value of the investments be shown in parentheses on the face of the balance sheet.
• B) The investments be classified as long term for balance-sheet purposes with full disclosure in the footnotes.
• C) The loss in value be recognized in the financial statements.
• D) The equity section of the balance sheet separately show a charge equal to the amount of the loss.

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Definitions:

Non-Discrimination Training

Educational programs aimed at promoting a workplace environment free from bias and discrimination against any individual or group based on race, gender, sexuality, etc.

Supreme Court

The highest judicial court in a country or state, typically having the authority to hear appeals from lower courts and adjudicate on significant legal matters.

Training Audits

A review and assessment of training programs and initiatives to ensure they meet organizational goals, are effective, and utilize resources efficiently.

Training Technology

The use of digital tools and software to enhance the effectiveness and efficiency of training programs.