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As per Auditing Standards, the correct answer is Option 2. Include that, except for the problem noted, the financial statements are presented fairly.
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questions concern audit reports other than unmodified opinion audit reports with standard wording Choose the best...
a. As compared to an unmodified opinion, an opinion qualified due to a material departure from...
a. As compared to an unmodified opinion, an opinion qualified due to a material departure from generally accepted accounting principles would O 1. include an extra paragraph, following the opinion paragraph O 2. indicate that, except for the problem noted, the financial statements are presented fairly O 3. include a slight modification to the introductory paragraph O 4. include a slight modification to the auditor's responsibility paragraph.
Match each statement below with the type of audit opinion/report that would most likely be issued...
Match each statement below with the type of audit opinion/report that would most likely be issued in the circumstance. Answer choices may be used once, multiple times, or not at all. （1）The auditors determined that sufficient appropriate evidence could not be obtained because inventory records were destroyed in a fire. （2）The client failed to write down certain assets that it determined were impaired. The reasons for reporting the assets at cost instead were disclosed in the notes to the financial...
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements...
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements 1. Responsibility for the preparation and fair presentation of the financial statements rests with the Al) opinion is an opinion that the financial statements of a public company fairly present financial position results of operations, and cash flows in conformity with generally accepted accounting principles The auditor's responsbility relating to a GAS audit is for on the financial statements When a nonpublic clientelects to...
In-cla the appropriate report for each alternative materiality level): (1) Unmodified opinion-standard wording Unmodified opinion explanatory...
In-cla the appropriate report for each alternative materiality level): (1) Unmodified opinion-standard wording Unmodified opinion explanatory paragraph 3 Unmodified opinion-nonstandard report wording 14) Qualified opinion GAAP departure 15) Qualified opinion-scope limitation (6) Disclaimer (7) Adverse 3-26 (OBJECT 16 CONIECTIVES J-4,3-5, 3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement: 1. A number of frozen yogurt stores have opened in the last few years and your client, Discus Yogurtland, has experienced a...
Audit reports issued under GAAS ordinarily are signed with the name of the _____________________. Responsibility for...
Audit reports issued under GAAS ordinarily are signed with the name of the _____________________. Responsibility for the preparation and fair presentation of the financial statements rests with the ______________________. The auditor’s responsibility relating to a GAAS audit is for _________________________ on the financial statements. A(n) __________________________ opinion is an opinion that the financial statements of a public company fairly present financial position, results of operations, and cash flows, in conformity with generally accepted accounting principles. When a nonpublic client elects...
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should...
1A qualified opinion that is issued because of a departure from generally accepted accounting principles should contain a separate paragraph explaining the departure and its effects. True False 2 The introductory paragraph of the auditors’ report clarifies management’s responsibility for the financial statements. True False 3The phrase “generally accepted auditing standards” appears in the scope paragraph of the auditors’ standard report. True False 4An auditors’ report is in essence a guarantee by the auditors that the financial statements are correct....
Check my w Select the necessary words from the list of possibilities to complete the following...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
auditing Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of...
auditing
Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of the allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved...
Requirements: Identify which of the conditions requiring a deviation from a standard unmodified opinion audit report...
Requirements: Identify which of the conditions requiring a deviation from a standard unmodified opinion audit report is applicable, if any. Then, state the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, state the additional information needed to make a decision. (If a box is not used in the table leave the box empty; do not select a label.) For each situation, do the following: a. Identify which of the conditions requiring...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of th allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order...
a. As compared to an unmodified opinion, an opinion qualified due to a material departure from generally accepted accounting principles would O 1. include an extra paragraph, following the opinion paragraph O 2. indicate that, except for the problem noted, the financial statements are presented fairly O 3. include a slight modification to the introductory paragraph O 4. include a slight modification to the auditor's responsibility paragraph.
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements 1. Responsibility for the preparation and fair presentation of the financial statements rests with the Al) opinion is an opinion that the financial statements of a public company fairly present financial position results of operations, and cash flows in conformity with generally accepted accounting principles The auditor's responsbility relating to a GAS audit is for on the financial statements When a nonpublic clientelects to...
In-cla the appropriate report for each alternative materiality level): (1) Unmodified opinion-standard wording Unmodified opinion explanatory paragraph 3 Unmodified opinion-nonstandard report wording 14) Qualified opinion GAAP departure 15) Qualified opinion-scope limitation (6) Disclaimer (7) Adverse 3-26 (OBJECT 16 CONIECTIVES J-4,3-5, 3-6, 3-7, 3-8) For the following independent situations, assume that you are the audit partner on the engagement: 1. A number of frozen yogurt stores have opened in the last few years and your client, Discus Yogurtland, has experienced a...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
auditing
Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of the allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved...
Requirements: Identify which of the conditions requiring a deviation from a standard unmodified opinion audit report is applicable, if any. Then, state the level of materiality as immaterial, material, or highly material. If you cannot decide the level of materiality, state the additional information needed to make a decision. (If a box is not used in the table leave the box empty; do not select a label.) For each situation, do the following: a. Identify which of the conditions requiring...
Part One: True/False Questions (2.5 marks / question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of th allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved purchase order...
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