Which of the following statements correctly depicts duties of court appointed trustees?
a. Trustees identify and collect a debtor's assets and then allocate those assets to creditors in an orderly manner.
b. Trustees review fee applications, motions to appoint trustees and examiners, motions to convert or dismiss a case, and other pleadings.
c. Trustees investigate criminal complaince in bankruptcy cases.
d. Trustees testify in bankruptcy cases.
a
FEEDBACK: a. Correct.
b. Incorrect.
c. Incorrect.
d. Incorrect.
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In which circumstance will the auditor not consider the need to modify the wording in the report?
A. The client's legal counsel is requested to advise whether a material act constitutes noncompliance with tax law but refuses to do so. B. The auditor concludes that the effect of noncompliance with pension regulations creates substantial doubt about the entity's ability to continue as a going concern. C. The auditor concludes that the effect of noncompliance, taken alone or with similar acts, is material in amount and has not been properly accounted for or disclosed in the financial statements. D. All of the circumstances require modification of the auditor's report.
In developing countries, demand typically exceeds supply, and there is little concern about customer satisfaction, especially when the level of competition is low
Indicate whether the statement is true or false