Flashcards in Risks and Uncertainties Deck (7)
What are some sources of risk and uncertainty?
The nature of the entity's ops, use of estimates, market vulnerabilities, going concern issues
Management has to continually assess its own ability to continue as a going concern. TF
Nature of operations risk includes an assessment of a knowledge of the firms products and services, geographical locations, and _____ _____.
Material estimates may or may not need to be disclosed. TF
False, must be
Significant concentrations are aspects with _______ diversification.
Insufficient, these must be disclosed if they exist at the balance sheet date, make the entity vulnerable, and is "reasonably possible"
Government regulations are a source of risk needed in disclosures. TF