TRUE OR FALSE 48. Contingent liabilities refer to monies owed to vendors, since these liabilities...
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Accounting
TRUE OR FALSE 48. Contingent liabilities refer to monies owed to vendors, since these liabilities will be paid only if the company receives the goods 49. Generally accepted auditing standards dictate that it is inappropriate for an auditor to hire an expert to do any part of the inventory observation or valuation for hinm 50. A batch system immediately updates all files while an online system only captures the transactions and updates the files overnight 51. The primary reason to evaluate internal control is to formulate constructive suggestions for improvement 52. The use of a tagging system for inventory taking helps to prevent double counting of goods. 53. Analytical procedures are required at three points in the audit. 54, A custom made suit that was not fully completed on the day of the count should be included in the Inventory being counted. 55. Searching for unrecorded "assets" is an important aspect fthe audit of cash 9A 56. Written management representation letters can provide a good defense for not performing audit procedures
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