Half of the ones I selected are wrong, but I'm not sure which ones because it only tells me I got some wrong when I submit it, but not which ones.
For each of the following issues, select from the option list provided the audit procedures that most likely would have been useful in preventing the noted failure. Each choice may be used once more than once, or not at all. 1. The auditor failed to uncover a pending penalty for underpayment of taxes. Procedure Read dient correspondence with taxing agencies. Obtain from management a description and evaluation of litigation, claims, and assessments. Request management to prepare a letter of audit inquiry to legal counsel. Inquire of SEC officials about reporting violations creating assessments. Obtain written or oral assurance from the audit committee that all claims, litigation, and assessments have been properly recorded. mm 2. The auditor failed to identify certain legal claims by a competitor for patent infringements. 2. The auditor failed to identify certain legal claims by a competitor for patent infringements. Procedure Read all legal briefs filed against competitors. Obtain from management a description and evaluation of litigation, claims, and assessments. Obtain written or oral assurance from the audit committee that all claims, litigation, and assessments have been properly recorded. 3. The auditor failed to identify required disclosures for cosigning debt instruments for a subsidiary. Procedure Read minutes of the board of directors' meetings, Obtain bank confirmations about loan guarantees. Inquire of SEC officials about reporting violations creating assessments. os Select an option below Read minutes of the board of directors' meetings. Inquire of officials at the courthouse in the county of the client. O Read client correspondencelovith related parties. Read client correspondence with taxing agencies. Read client correspondence with customers. Dandallan hrinfo find anninnt omnir RESET I COS Select an option below Read all legal briefs filed against competitors. re Obtain bank confirmations about loan guarantees. o Obtain from management a description and evaluation of litigation, claims, and o Obtain representation letters from all staff and professional employees of the cl Prepare an analysis of professional fee expenses. Inquire of SEC officials about reporting violations creating assessments. RESET TC NOT ALOE im Dublication Theodor Select an option below Obtain from management a description and evaluation of litigation, claims, and assessments Obtain representation letters from all staff and professional employees of the client Prepare an analysis of professional fee expenses. Inquire of SEC officials about reporting violations creating assessments. Request management to prepare a letter of audit inquiry to legal counsel. Obtain written or oral assurance from the audit committee that all claims, litigation, and assessments have been properly recorded. RESET CANCEL ACCEPT
