what information does the auditor ask the attorney to provide on pending or threatened litigation?

The auditor requests that the attorney provide the following information on pending or threatened litigation: • A list and evaluation of any pending or threatened litigation to which the attorney has devoted substantial attention. The client may provide the list.

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What information does the Auditor request about pending or threatened litigation?

What information does the auditor ask the attorney to provide on pending or threatened litigation? Step-by-step solution. Chapter 17, Problem 2RQ is solved. View this answer. View this answer View this answer done loading. View a sample solution. Step 1 …

What information does the Auditor ask the lawyer to provide?

17-2 What information does the auditor ask the attorney to provide on pending or threatened litigation? A list of any pending or threatened litigation or any probable but as yet unasserted claims to which the attorney has devoted substantial attention or for which an unfavorable outcome is reasonably possible. A request that the attorney describes and evaluates each …

Can an auditor request a letter of inquiry from an attorney?

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What is a list of pending litigation?

Mar 14, 2014 · What information does the auditor ask the attorney to provide on pending or threatened litigation? In a letter of audit inquiry, also referred to as a legal letter, the auditor should ask management to send a legal letter to the attorneys, requesting that they provide the following information: • A list and evaluation of any pending or threatened litigation to which the attorney …

What items should be included in the auditor's communication with those charged with governance ie the audit committee or similar group )?

The required and/or encouraged communications by the auditor to those charged with governance include information about the responsibilities of the auditor in relation to the financial statement audit, an overview of the scope and timing of the audit, and any matters that occur during the audit that would be relevant ...

What is the auditors responsibility for events occurring subsequent to the audit report date if the auditor's report is dual dated?

The auditor's responsibility for events occurring subsequent to the date on which the auditor has obtained sufficient appropriate audit evidence was: limited to the specific event referenced.

What is an auditor's primary method to corroborate information on litigation claims and assessments?

An attorney's letter is the primary method used to corroborate information on litigation, claims, and assessments.

What auditing procedures should Namiki consider performing to gather evidence concerning subsequent events?

The auditing procedures Namiki should consider performing to gather evidence concerning subsequent events include the following: Compare the latest available interim statements with the financial statements being audited.

What is the responsibility of the auditor to subsequent events that are occuring after the auditor's report date but before the financial statements are issued?

When, after the date of the auditor's report but before the date the financial statements are issued, the auditor becomes aware of a fact which may materially affect the financial statements, the auditor should consider whether the financial statements need amendment, should discuss the matter with management, and ...

What are the auditor's responsibility for subsequent events?

10, the auditor identifies subsequent events that require adjustment of, or disclosure in, the financial statements, the auditor should determine whether each such event is appropriately reflected in the financial statements in accor- dance with the applicable financial reporting framework.

Which of the following substantive procedures would Auditors most likely perform to obtain evidence about the occurrence of subsequent events?

Which of the following substantive procedures would auditors most likely perform to obtain evidence about the occurrence of subsequent events? Investigate changes in shareholders' equity occurring after the date of the financial statements.

Which of the following audit procedures is most likely to be conducted only after year end?

Which of the following audit procedures is most likely to be conducted only after year-end? Evaluation of management's adjusting journal entries to the financial statements.

What is the primary purpose of obtaining written representations?

Written representation – A written statement by management provided to the auditor to confirm certain matters or to support other audit evidence.

Which of the following is a subsequent event that must be disclosed in the notes to the financial statements?

Which of the following is a subsequent event that must be disclosed in the notes to the financial statements? The issuance of debt or equity securities.

What are the procedures that should be performed to ascertain the existence of subsequent events?

However the following procedures are typical of a subsequent events review:Enquiring into management's procedures/systems for the identification of subsequent events;Inspection of minutes of members' and directors' meetings;Reviewing accounting records including budgets, forecasts and interim information.More items...•Oct 4, 2012

Which of the following steps should an auditor perform first to determine the existence?

Which of the following steps should an auditor perform first to determine the existence of related parties? Inquire about the existence of related parties from management.