At the conclusion of the audit, auditors revisit the materiality level determined at the beginning of the audit to ensure it is still appropriate based on the results of audit procedures. True False

Estimating the amount of a loss contingency from a material litigation situation is not a critical accounting estimate. True False Define a management representation letter.

Which of the following refer(s) to accounting policies and practices that are most important to the portrayal of the companys financial condition and results and that require managements most difficult, subjective, or complex judgments? A. Critical accounting projections B. Critical accounting policies and practices C. Critical accounting estimates D. A disclosure agreement

A _____ is an existing condition or situation involving uncertainty as to possible loss that will ultimately be resolved when one or more future events occur or fail to occur. A. legal letter B. disclosure C. financial statement D. loss contingency