From the List Below,select the Procedures That an Auditor Would

question 83

Essay

From the list below,select the procedures that an auditor would use to test for contingent liabilities.
a.Inquire of SEC officials regarding reported violations by the client that create claims.
b.Read the client's contracts,loan agreements,leases,and other documents.
c.Read the client's minutes of meetings of shareholders,directors,and committees.
d.Request a representation letter from all the client's employees.
e.Read the legal briefs of all suits filed against the client's competitors.
f.Request the client's management to prepare a letter of inquiry to the client's attorney regarding pending litigation against the client.

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Definitions:

Economic Growth

An increase in the production of goods and services in an economy over a period of time, typically measured by GDP.

Normative

Normative economics involves expressions of judgments or opinions on economic policies, reflecting values about what the economy should be like.

Health Insurance

A type of insurance coverage that pays for medical and surgical expenses incurred by the insured.

Normative

Relating to or dealing with norms, especially in the sense of prescribing what ought to be rather than describing what is.