After an Auditor Has Issued an Audit Report on a Nonpublic

question 1

Multiple Choice

After an auditor has issued an audit report on a nonpublic entity, there is no obligation to make any further audit tests or inquiries with respect to the audited financial statements covered by that report unless:

• A)material adverse events occur after the date of the auditor's report.
• B)final determination or resolution was made of a contingency which had been disclosed in the financial statements.
• C)final determination or resolution was made on matters which had resulted in a qualification in the auditor's report.
• D)new information comes to the auditor's attention concerning an event that occurred prior to the date of the auditor's report that may have affected the auditor's report.

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Definitions:

Foreign Policy

A government's strategy in dealing with other nations, determining how it interacts through diplomacy, trade, aid, and military force.

Communism

A political and economic ideology promoting a classless society, state ownership of the means of production, and the abolition of private property, aiming to create a society where wealth and power are distributed equitably.