An Auditor's Decision Concerning Whether or Not to "Dual Date

question 65

Multiple Choice

An auditor's decision concerning whether or not to "dual date" the audit report is based upon the auditor's willingness to

• A) Extend auditing procedures.
• B) Accept responsibility for all events between year-end and the audit report date.
• C) Permit inclusion of a footnote captioned: event (unaudited) subsequent to the date of the auditor's report.
• D) Assume responsibility for events subsequent to the issuance of the auditor's report.

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Definitions:

UCC Statute of Frauds

A section of the Uniform Commercial Code that requires certain types of contracts, such as those for the sale of goods over a certain value, to be in writing to be enforceable.

Specially Manufactured Goods

Items that are produced to a buyer's personal specifications, which are not suitable for sale to others in the ordinary course of the seller's business.

Promissory Estoppel

A legal doctrine that prevents a party from withdrawing a promise made to another party if the latter has relied upon that promise to their detriment.

Oral Contracts

Agreements between parties that are spoken rather than written but are still legally binding.