Adjustment of the financial statement may be necessary if the contingent liability is:
A) remote.
B) probable.
C) reasonably possible.
D) none of the above
Correct Answer:
Verified
Q2: The auditor needs to perform procedures to
Q3: When auditing contingent liabilities, the primary objective
Q4: 'A potential future obligation to an outside
Q5: Footnote disclosure in the financial statement is
Q6: If the auditor concludes that there are
Q7: A letter from the client's external legal
Q8: How many presentation and disclosure objectives are
Q9: Inquiries of management (orally and in writing)regarding
Q10: No disclosure in the financial statement is
Q11: One of the auditor's primary concerns related
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