Which of the following was amended in SAS 147 with respect to the inquiry of the predecessor auditor regarding fraud and noncompliance with laws and regulations?O a Matters involving noncompliance or suspected noncompliance with laws and regulations that came to the predecessor's attention during the audit, other than matters that are clearlyinconsequentialOb Clarifying that a "system of internal controls" is comprised of five interrelated components, which are embedded with individual controls that can be segregated between "indirect" and"direct" controls.O No need to document inquiries with the predecessor once an engagement is accepted.Od. Inquines are required before management has authorized the predecessor auditor to fully respond to inquiries

SAS 147 (Statement on Auditing Standards 147) addresses the auditor's responsibilities when…

Which of the following was amended in SAS 147 with respect to the inquiry of the predecessor auditor regarding froud and noncompliance with laws and regulations? O a Matters involving noncompliance or suspected noncompliance with laws and regulations that came to the predecessor's attention during the audit, other than matters that are clearly inconsequential O & Clarifying that a "system of internal controls" is comprised of five interrelated components, which are embedded with individual controls that can be segregated between "indirect" and "direct" controls O No need to document inquiries with the predecessor once an engagement is accepted. Od. Inquiries are required before management has authorized the predecessor auditor to fully respond to inquiries

Which of the following was amended in SAS 147 with respect to the inquiry of the predecessor auditor regarding froud and noncompliance with laws and regulations? O a Matters involving noncompliance or suspected noncompliance with laws and regulations that came to the predecessor's attention during the audit, other than matters that are clearly inconsequential O & Clarifying that a "system of internal controls" is comprised of five interrelated components, which are embedded with individual controls that can be segregated between "indirect" and "direct" controls O No need to document inquiries with the predecessor once an engagement is accepted. Od. Inquiries are required before management has authorized the predecessor auditor to fully respond to inquiries

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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