( Points: 4) True False
17. Contingencies are considered by the auditor in relation to the SFAS No. 5 criteria to determine whether material contingencies exist with the client and, if so, that they are properly accrued or disclosed.( Points: 4) True False
18. An example of a Type II Subsequent Event includes the settlement two months after year-end of a liability for an amount well in excess of the amount that was accrued at year-end.( Points: 4) True False
19. A report on agreed-upon procedures issued by accountants provides the lowest form of attestation assurance.( Points: 4) True False
20. The need for assurance services arises for all of the following reasons EXCEPT:( Points: 4) potential bias in providing information. closeness between a user and the organization. complexity of the processing systems. remoteness between a user and the organization.