When dealing with contingencies,
A) all contingencies must be disclosed or footnoted.
B) the auditor must exercise considerable professional judgment when evaluating whether the client has applied the appropriate treatment.
C) it is easy for the auditor to uncover contingencies without management's cooperation.
D) the review for contingent liabilities is only performed at the beginning and the end of the audit.
B
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Which of the following describes establishing a price that provides the rate of return demanded by senior management?
A) skimming B) return on sales pricing C) penetration pricing D) competitive pricing
An offer is terminated on the grounds of "supervening illegality" when ________
A) the set period in the offer has expired B) the subject matter in the offer has been destroyed C) a statute or court decision deems an object of the offer unlawful D) the offeror or offeree passes away prior to the offer being accepted