When the Auditor Becomes Aware of an Event That Occurs

question 28

True/False

When the auditor becomes aware of an event that occurs after the audit report date,but before the issuance of the audit report to the client and the event is disclosed in the footnotes,the auditor would date the report as if this fact had been known at year-end.

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Definitions:

Source Of Cash

A source of cash refers to any activity or transaction that brings money into a business or individual's possession, increasing cash flow.

Purchasing Manager

A professional responsible for obtaining goods and services for business operations at the best possible price and quality.

Inventory Holdings

The quantity and value of goods a company has in stock or in a warehouse, ready for sale or distribution.

Marketable Securities

Financial instruments that can be easily sold or converted to cash without a significant loss in value.