If Planning Analytical Procedures Identify Some Unexpected Relationships,the Auditor Would

question 86

True/False

If planning analytical procedures identify some unexpected relationships,the auditor would conclude that there may be a heightened risk of material misstatements.

---

Definitions:

Par Value

Par Value is the nominal or face value of a stock or bond, as stated by the issuer, and has little relation to its market value.

Income Statement

The income statement is a financial report that summarizes the revenues, costs, and expenses incurred during a specific period of time, typically a fiscal quarter or year.

Total Liabilities

The aggregate of all debts and financial obligations a company owes to external parties.

Contra-Liability Account

An account that reduces the amount of a liability, often used to record discounts or allowances that decrease the total amount owed by a company.