Logo
Home Study Material Contact Search
AI Chat FREE
  1. business
  2. accounting
  3. an auditor identified a 40% increase in current ye

An auditor identified a 40% increase in current year Legal Expense compared to the prior...

50.1K

Verified Solution

Question

Accounting

image
An auditor identified a 40% increase in current year Legal Expense compared to the prior two years. What is the least likely response by the auditor? a. Increase RMM for the year-end contingent liability. b. Increase substantive testing at year-end for the contingent liability account. c. Increase planned audit risk. d. Decrease planned detection risk for the contingent liability account. Which of the following is not a required communication by the auditor to the audit client's Audit Committee of the Board of Directors for the ICFR audit? a. Significant deficiencies in ICFR b. Material weaknesses in ICFR c. Disagreements with management regarding ICFR over critical accounting policies d. Control deficiencies in ICFR that are determined to not rise to the level of a significant deficiency

Answer & Explanation Solved by verified expert
Get Answers to Unlimited Questions

Join us to gain access to millions of questions and expert answers. Enjoy exclusive benefits tailored just for you!

Membership Benefits:
  • Unlimited Question Access with detailed Answers
  • Zin AI - 3 Million Words
  • 10 Dall-E 3 Images
  • 20 Plot Generations
  • Conversation with Dialogue Memory
  • No Ads, Ever!
  • Access to Our Best AI Platform: Flex AI - Your personal assistant for all your inquiries!
Become a Member

Other questions asked by students