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66. The auditor will examine proceeds and trace them to recorded
amounts of the par value of common stock to determine that (Points: 4)
shares exist and have valid stock certificates.
proceeds have been properly distributed between common stock and
additional paid-in capital.
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: