According to Auditing Standards,reportable Matters ________

question 13

Multiple Choice

According to auditing standards,reportable matters ________.

• A)must be searched for by auditors
• B)must be reported by auditors if they come to their attention
• C)may only be reported to management
• D)may be reported on verbally or in writing

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Definitions:

Contingent Remainder

A future interest in real property that depends on the occurrence of an uncertain event before it becomes possessory.

Property Interest

A legal right or claim to resources or possessions, such as real estate or intellectual property.

Graze

The act of eating small quantities of food periodically or animals feeding on grass in a pasture.

Warranty Deed

A document that guarantees the seller holds clear title to a piece of real estate and has a right to sell it to the buyer.