Which of the following inquiry or analytical procedures ordinarily is performed in an engagement to review a nonpublic entityâ€™s financial statements?
- Analytical procedures designed to test the accounting records by obtaining corroborating audit evidence.
- Inquiries concerning the entityâ€™s procedures for recording and summarizing transactions.
- Analytical procedures designed to test managementâ€™s assertions regarding continued existence.
- Inquiries of the entityâ€™s attorney concerning contingent liabilities.