After the Balance Sheet Date but Prior to the Audit

question 22

True/False

After the balance sheet date but prior to the audit report date,the client decides to acquire Bargain Company to obtain a significant increase in revenues.The auditor's report would probably include the statement: "except for the acquisition of Bargain Company...".

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Definitions:

Sales Contract

A legally binding agreement between buyer and seller detailing the terms and conditions of a sale of goods or services.

Acceptance

The act of agreeing to the terms of an offer, contract, or proposal, creating a binding agreement.

Additional Terms

Supplementary conditions or provisions added to a contract that were not included in the original agreement.

Statute Of Frauds

A state statute under which certain types of contracts must be in writing to be enforceable.