Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 24, Problem 20.2MCQ
To determine
Identify theoption would be least likely to be included in a standard inquiry to the client’s attorney.
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Students have asked these similar questions
What kind of actions might customers pursue against auditors under the common law doctrine of restitution? In each situation, what evidence do clients need to provide before filing a lawsuit?
The primary reason an auditor requests that letters of inquiry be sent to a client's attorney is to provide the auditor with
A description and evaluation of litigation, claims, and assessments that existed at the balance sheet date
The attorneys' opinions of the client's historical experiences in recent similar litigation,
The probable outcome of asserted claims and pending or threatened litigations
Corroboration of the information furnished by management about litigation, claims, and assessments
In addition to obtaining responses to attorney letters, what other procedures can be used to gather audit evidence regarding litigation, claims, and assessments?
Chapter 24 Solutions
Auditing And Assurance Services
Ch. 24 - Prob. 1RQCh. 24 - Explain why an auditor is interested in a clients...Ch. 24 - Prob. 3RQCh. 24 - Prob. 4RQCh. 24 - Prob. 5RQCh. 24 - Prob. 6RQCh. 24 - Prob. 7RQCh. 24 - Prob. 8RQCh. 24 - What major considerations should the auditor take...Ch. 24 - Identify five audit procedures normally done as a...
Ch. 24 - Prob. 11RQCh. 24 - Prob. 12RQCh. 24 - Prob. 13RQCh. 24 - Prob. 14RQCh. 24 - Prob. 15RQCh. 24 - Prob. 16RQCh. 24 - Prob. 17RQCh. 24 - Prob. 18RQCh. 24 - Prob. 19RQCh. 24 - Prob. 20.1MCQCh. 24 - Prob. 20.2MCQCh. 24 - Prob. 20.3MCQCh. 24 - Prob. 21.1MCQCh. 24 - Prob. 21.2MCQCh. 24 - Prob. 21.3MCQCh. 24 - Prob. 22.1MCQCh. 24 - Prob. 22.2MCQCh. 24 - Prob. 22.3MCQCh. 24 - Prob. 23.1MCQCh. 24 - Prob. 23.2MCQCh. 24 - Prob. 23.3MCQCh. 24 - Prob. 24DQPCh. 24 - Prob. 25DQPCh. 24 - Prob. 26DQPCh. 24 - Prob. 28DQPCh. 24 - Prob. 29DQPCh. 24 - Prob. 32DQPCh. 24 - Prob. 33DQP
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Similar questions
- Understand the role of attorney letters in evaluating litigation, claims, and assessments.arrow_forwardWhat are the rights and duties of the CPA? What obligation does the CPA have to a user of the document who did not pay for the report? What right does the client have to direct the work of the CPA? Is a client always owed the duty of confidentiality?arrow_forwardThe refusal of a client’s attorney to provide the information requested in an inquiry letter is considered A. Reasons for adverse opinion B. A limitation on the scope of the audit C. Grounds to withdraw from the engagement D. Equal to a significant deficiencyarrow_forward
- Which of the following would be considered a self-interest threat? When a member of the assurance team was previously a director or officer of the assurance client Potential employment with an assurance client A member of the assurance team has a close family member who is a director or officer of the assurance client Acting as the client’s advocate in a legal proceedingarrow_forwardAn oral or written statement made by an out-of-court declarant that is offered in court by a witness other than the declarant and that is offered in evidence to prove the truth of a matter asserted is referred as: A. Relevant evidence. B. Admission statement. C. Former testimony under oath. D. Hearsay.arrow_forwardA practitioner may offer a(n)________________after receiving a pre-allegation letter in order to prevent disciplinary proceedings from moving forward. A. affirmative defence B. rebuttal testimony C. contra-complaint letter D. consent toarrow_forward
- Which of the following would be considered a self-interest threat? When a member of the assurance team was previously a director or officer of the assurance client Acting as the client’s advocate in a legal proceeding Potential employment with an assurance client A member of the assurance team has a close family member who is a director or officer of the assurance clientWhich of the following would be considered a self-interest threat? When a member of the assurance team was previously a director or officer of the assurance client Acting as the client’s advocate in a legal proceeding Potential employment with an assurance client A member of the assurance team has a close family member who is a director or officer of the assurance clientarrow_forwardIn which of the following situations is there a violation of client confidentiality under the AICPA Code of professional conduct? 1. A member discloses confidential client informationto a court in connectionwith arbitration proceedings related to the client. 2.A member disclosesconfidential client informationto a professional liability insurance carrier after learning of a potential claim against the member. 3.A member whose practice is primarily bankruptcy discloses a client's name. 4.A member uses a record retention agency to store clients' records that contain confidential client information.arrow_forwardSelect the best answer for the following: "One against whom a lawsuit is brought; the accused in a criminal proceeding." O Petitioner O Prosecutor O Criminal Plaintiff O Defendantarrow_forward
- For what type of actions can clients bring suit against auditors under common law? What must clientsprove prior to bringing suit in each case?arrow_forwardPlease summarize tthings that CPAs can do to limit their liability and prevent lawsuits.arrow_forwardThe scope of an audit is not restricted when an attorney letter limits the response toa. Matters to which the attorney has given substantive attention in the form of legalrepresentation.b. An evaluation of the likelihood of an unfavorable outcome of the matters disclosed bythe entity.c. The attorney’s opinion of the entity’s historical experience in recent similar litigation.d. The probable outcome of asserted claims and pending or threatened litigationarrow_forward
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