With what types of contingencies might an auditor be concerned?
What will be an ideal response?
The auditor is generally concerned with contingencies arising from:
1. pending litigation for patent infringement, product liability or other actions
2. income tax disputes
3. product warranties
4. notes receivable discounted
5. guarantees of obligations of others
6. unused balances of outstanding letters of credit
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Defined-benefit plans must meet the funding requirements of the _____.
A. Employee Retirement Income Security Act B. Consolidated Omnibus Budget Reconciliation Act C. Social Security Act D. Patient Protection and Affordable Care Act E. Sarbanes-Oxley Act
The perceptual process is affected by which of the following factors?
A) prior experiences B) psychological state C) prior knowledge D) all of the above