There Are Two Types of Events of Interest to the Auditor

question 49

Multiple Choice

There are two types of events of interest to the auditor

• A)subsequently discovered events
• B)prior period events
• C)subsequent events
• D)current period events
• E)subsequently discovered facts
• F)both A and B
• G)both C and E
• H)both D and E

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Definitions:

Executive Summary

A concise overview of a document or report, highlighting its main points, conclusions, and recommendations, typically placed at the beginning.

Legal Form

specifies the structure of an organization or entity in legal terms, including options such as sole proprietorship, partnership, corporation, and Limited Liability Company (LLC), each having distinct legal implications.

Partnership

A legal form of business operation between two or more individuals who share management and profits.

Sole Proprietorship

A business structure where a single individual owns, operates, and is responsible for all aspects of the business.