After Issuance of the Auditor's Report,the Auditor Has No Obligation

question 3

Multiple Choice

After issuance of the auditor's report,the auditor has no obligation to make any further inquiries with respect to audited financial statements covered by that report unless

• A) a final resolution of a contingency that had resulted in a qualification of the auditor's report is made.
• B) a development occurs that may affect the entity's ability to continue as a going concern.
• C) an investigation of the auditor's practice by a peer review committee ensues.
• D) new information is discovered concerning undisclosed related party transactions of the previously audited period.

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Definitions:

Ethically and Responsibly

Acting in a manner that is morally right and in accordance with good conduct, especially in business practices.

Cause Marketing Efforts

Marketing strategies used by companies to promote social causes or charitable organizations, often as part of their corporate social responsibility.

ISO 14000 Certification

A family of standards related to environmental management systems that helps organizations minimize how their operations negatively affect the environment.

Exchange Process

The act of obtaining a desired object or service from someone by offering something of value in return.