If the Auditor Uses Positive Confirmations and Determines That a Response

question 1

Multiple Choice

If the auditor uses positive confirmations and determines that a response is necessary to obtain sufficient appropriate evidence,but does not receive a response

• A)the auditor should perform alternative procedures
• B)the auditor should consult with management about performing alternative tests
• C)the auditor should issue an adverse audit report
• D)alternative audit procedures will not provide the audit evidence the auditor needs

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Definitions:

Enforceable

Refers to a legal agreement or contract that can be legally compelled to be performed or executed as per the terms agreed upon by the parties involved.

Forbearance

A creditor's agreement to postpone, delay, or withhold legal action despite the debtor's failure to meet the terms of the contract.

Statute Of Limitations

A federal or state statute setting the maximum time period during which a certain action can be brought or certain rights enforced.

Consideration

Something of value exchanged between parties in a contract, which is required for the agreement to be legally binding.