In an Audit of Contingent Liabilities, Which of the Following

question 42

Multiple Choice

In an audit of contingent liabilities, which of the following procedures would be least effective?

• A)Examining customer confirmation replies.
• B)Reviewing a bank confirmation letter.
• C)Examining invoices for professional services.
• D)Reading the minutes of the board of directors meetings.

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Definitions:

Isolation

The experience of being separated from others, which can be physical, social, or emotional in nature.

Lonely

Experiencing a feeling of sadness or isolation due to a lack of companionship or separation from others.

Middle Adulthood

A life stage typically occurring from ages 40 to 65, characterized by stability, career consolidation, and heightened concern for the next generation.

Stagnation

A period of little or no growth, development, or progress.