Auditors Conclude That the Omission of a Substantive Procedure Considered

question 11

Multiple Choice

Auditors conclude that the omission of a substantive procedure considered necessary at the time of the examination may impair their present ability to support the previously-expressed opinion.Auditors need not try to perform the omitted procedure if

• A)The risk of adverse publicity or litigation is low.
• B)Some financial statement users are currently relying on the auditors' reports.
• C)The auditors' opinion was qualified because of a departure from generally accepted accounting principles.
• D)The results of other procedures that were applied at the time compensated adequately for the omitted procedure by providing sufficient appropriate evidence.

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Definitions:

Residual Volume (RV)

The volume of air remaining in the lungs after a maximal exhalation, preventing lung collapse and ensuring continuous gas exchange.

Inspiratory Reserve Volume (IRV)

The extra volume of air that can be breathed in beyond a standard breath.

Expiratory Reserve Volume (ERV)

The additional air that can be forcibly exhaled after the completion of a normal, passive exhalation.

Vital Capacity (VC)

The maximum amount of air a person can expel from the lungs after a maximum inhalation, a measure of lung function.