When Responding to the Auditor as a Result of the Audit

question 48

Multiple Choice

When responding to the auditor as a result of the audit client's letter of inquiry,the attorney may limit the response to which of the following?

• A)litigations in process.
• B)asserted claims.
• C)matters to which the attorney has given substantive attention in the form of legal consultation or representation.
• D)items which the attorney believes will result in loss to the client.

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Definitions:

Insurance Broker

A professional intermediary who advises individuals and businesses on insurance needs and negotiates insurance contracts on their behalf with insurers.

Annual Premiums

Regular payments made yearly to keep an insurance policy active.

Renewals

The process of extending the period of validity of an agreement, policy, or subscription, often with updated terms or rates.

New-Client Policies

Guidelines or rules established by a business or organization for managing or treating new clients.