Which of the Following Is Not an Audit Procedure That

question 5

Multiple Choice

Which of the following is not an audit procedure that the independent auditor would perform with respect to litigation,claims,and assessments?

• A) Inquire of and discuss with management the policies and procedures adopted for identifying, evaluating, and accounting for litigation, claims, and assessments.
• B) Obtain from management a description and evaluation of litigation, claims, and assessments that existed at the balance sheet date.
• C) Obtain assurance from management that it has disclosed all unasserted claims that the lawyer has advised are likely to be asserted and must be disclosed.
• D) Confirm directly with the entity's lawyer that all claims have been recorded in the financial statements.

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Definitions:

Cohesive Unit

A group formed with members that work well together, creating a sense of unity and purpose.

Screening Phase

An initial stage in a process where candidates or conditions are evaluated to determine their suitability for further consideration.

Treatment of Choice

The preferred therapeutic approach or intervention selected by professionals based on effectiveness and suitability for a patient's condition.

Sharing Feelings

The act of expressing one's emotions to others, aiding in emotional intimacy and understanding.