The PCAOB's AS No. 3, Audit Documentation, requires that a complete and final set of audit documentation be assembled for retention as of a date no more than 45 days after the audit report release date. After that date, audit documentation may
a. Be deleted or discarded, but no information may be added
b. Be added, but no audit documentation may be deleted or discarded
c. Not be deleted, discarded, or added
d. Be deleted, discarded, or added as necessary
Ans: b. Be added, but no audit documentation may be deleted or discarded
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What type of homeowners policy provides coverage for an older home that has a high replacement cost but is located in a neighborhood with low market values?
A) HO-2 B) HO-3 C) HO-5 D) HO-8
Each of the following transactions would be reflected in both the income statement and the statement of cash flows for the current period, except:
A. The adjustment of marketable securities to their current market value. B. Receipt of dividends earned on investments. C. Payment of interest on bonds. D. Sale of merchandise for cash.