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6 terms

Ch. 17

STUDY
PLAY
The primary source of information to be reported about litigation, claims, and assessments is the
Client's management
Which of the following procedures would best detect a liability omission by management?
Review purchase contracts and other legal documents
A lawyer's response to an auditor's inquiry concerning litigation, claims, and assessments may be limited to matters that are considered individually or collectively material to the client's financial statements. Which parties should reach an understanding on the limits of materiality for this purpose?
The lawyer and the auditor
Which of the following parties should make an inquiry of a client's lawyer?
Client management
The primary reason an auditor requests letters of inquiry be sent to a client's attorneys is to provide the auditor with
Corroboration of the information furnished by management about litigation, claims, and assessments
A client is a defendant in a patent infringement lawsuit against a major competitor. Which of the following items would least likely by included in the attorney's response to the auditor's letter of inquiry?
An