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Auditing

Lecture 9

Inventory, litigation and claims, external confirmations, opening balances, subsequent events, and sampling methods.

Question 16 of 41

What is the difference between adjusting and non-adjusting events after the reporting period?

Pick one: press 1-3 on your keyboard or click an option.
A

Adjusting events provide evidence of conditions existing at the reporting date; non-adjusting events indicate conditions arising after the reporting period

B

Adjusting events are always disclosed only; non-adjusting events are always recognized in the accounts

C

There is no difference