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AICPA每日一练之AUD【2016-4-12】

2016-04-12 高顿网校


The written client representation letter most likely would be an auditor's best source of corroborative information of a client's plans to:
 
A. Discontinue a line of business.
 
B. Make a public offering of its common stock.
 
C. Terminate an employee pension plan.
 
D. Settle an outstanding lawsuit for an amount less than the accrued loss contingency.
 
Answer:A
 
Choice "A" is correct. A written client representation letter should include representations regarding matters that may affect recognition, measurement, and disclosure. Management's plans to discontinue a line of business may affect financial statement disclosure, since the results of operations of a component classified as "held for sale" would be reported separately in the income statement under "discontinued operations."
 
Choice "C" is incorrect. A client's plan to terminate an employee pension plan would not affect recognition, measurement, or disclosure in the current period financial statements.
 
Choice "B" is incorrect. A client's plans to make a public offering of its common stock would not affect recognition, measurement, or disclosure in the current period financial statements.
 
Choice "D" is incorrect. A letter from the client's attorney most likely would be an auditor's best source of corroborative information of a client's plans to settle an outstanding lawsuit for an amount less than the accrued loss contingency.




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