ACCT 470 AUDITING - Samenvattingen en Aantekeningen
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Chapter 24 Homework- ACCT 470
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---7januari 20222021/2022A
- Chapter 24 Homework 
The following questions deal with contingent liabilities and the review for subsequent events. Choose 
the best response. 
When a contingency is resolved subsequent to the issuance of audited financial statements, which 
correctly contained disclosure of the contingency in the footnotes based on information available at the 
date of issuance, the auditor should 
take no action regarding the event. 
Which of the following would be least likely to be included in a standard inq...
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$7.19 Meer Info
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Tentamen (uitwerkingen)
Chapter 23 Homework- ACCT 470
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---6januari 20222021/2022A+
- Chapter 23 Homework 
The following questions deal with auditing year-end cash and financial instruments. Choose the 
best response. 
A CPA obtains a January 10 cutoff bank statement for a client directly from the bank. Very few of the 
outstanding checks listed on the client's December 31 bank reconciliation cleared during the cutoff period. 
A probable cause for this is that the client 
transmitted the checks to the payees after year-end. 
In establishing the existence and ownership of an inve...
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