If Auditors Identify Risk Factors That Indicate That the Going

question 15

Multiple Choice

If auditors identify risk factors that indicate that the going concern assumption is in doubt, they will:

• A) Undertake procedures to gather evidence regarding each risk factor
• B) Refuse to continue as the auditor of their client
• C) Report the client to the Australian Taxation Office
• D) Reduce the extent of further audit testing that they undertake

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Definitions:

Employee Benefits

Various types of non-wage compensation provided to employees in addition to their normal salaries or wages.

Flexible Benefit Programs

Employee benefit plans that allow individuals to choose the benefits that best meet their personal needs or circumstances.

Finances

The management of large sums of money, especially by governments or large companies, involving investment, borrowing, lending, budgeting, and forecasting.

Challenging Goals

Objectives that are ambitious and require effort and determination to achieve, often leading to personal or professional growth.