42-Mr. X is an auditor of XYZ Company. During the course of audit, he found that Mr. Y who was one of the executive directors of the company raised OMR 15,000 from the debenture holder which was beyond his authority. On confirming, he replied by e-mail that it was later approved by board. Can the e-mail received from executive director be considered as valid audit document? O a. Unable to decide as the information is not sufficient O b. No, it cannot be considered as valid audit document O c. Only the evidence received in hard form is valid o d. Yes, it can be considered as valid audit document
42-Mr. X is an auditor of XYZ Company. During the course of audit, he found that Mr. Y who was one of the executive directors of the company raised OMR 15,000 from the debenture holder which was beyond his authority. On confirming, he replied by e-mail that it was later approved by board. Can the e-mail received from executive director be considered as valid audit document? O a. Unable to decide as the information is not sufficient O b. No, it cannot be considered as valid audit document O c. Only the evidence received in hard form is valid o d. Yes, it can be considered as valid audit document
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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42-Mr. X is an auditor of XYZ Company. During the course of audit, he found that Mr. Y who was one of the executive directors of the company raised OMR 15,000 from the debenture holder which was beyond his authority. On confirming, he replied by e-mail that it was later approved by board. Can the e-mail received from executive director be considered as valid audit document?
O a. Unable to decide as the information is not sufficient
O b. No, it cannot be considered as valid audit document
O c. Only the evidence received in hard form is valid
o d. Yes, it can be considered as valid audit document
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