Examlex
If the auditor has no reservations about the fairness of the financial statements but believes there is a remote possibility that resolution of an uncertainty will have a material effect on the financial statements,which of the following would the auditor issue?
Adequacy of Consideration
A legal principle assessing whether the value exchanged in a contract is reasonable and fair to both parties.
Breach-of-Contract
An act of breaking the terms set out in a contract, which can lead to legal consequences and damages.
Preexisting Duty Rule
A legal principle stating that performing a duty that one is already legally obligated to do is not sufficient consideration for a new contract.
Illusory Promise
A statement that appears to be a promise but does not actually bind the party to any commitment or obligation.
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