ACC 562 Course Great Wisdom / tutorialrank.com ACC 562 Course Great Wisdom / tutorialrank.com | Page 19

dividends have been issued in accordance with the stock
indenture agreement as approved by the board.
shareholders actually have the rights to shares issued by the
company in exchange for subscribed funds.
67. Which of the following is a tool that is best used by the audit team
to determine if the client has included all disclosures? (Points: 4)
Management representation letter.
GAAS.
Inquiry of the CFO.
Checklists.
68. The auditor is responsible for evaluating the likelihood of a client
continuing as a going concern for a reasonable period of time. A
reasonable period of time is (Points: 4)
one year from the audit report date.
one year from the last day of field work.
one year from the balance sheet date.
two years from the balance sheet date.
69. Rock School, Inc. has a matter of material litigation that is
threatened, but that has not gone to trial. The auditor's consideration
of such a matter will most likely include all of the following except
(Points: 4) sending a letter to the client's attorneys for more
information
discussions of the matter with the client and the client's insurance
adjuster.
confirmation with the harmed party regarding the amount that will
be claimed.