Question

11. During our first class, we discussed the accounting for "Bottles off Premises" and "Deposits on Bottles off Premises" on the Balance Sheet of a Coca-Cola bottling company. The purpose of this discussion was to illustrate that GAAP represents: a. Complying with established written standards. b. When there are no established written standards, find out what everyone else is doing C. Both a and b above. d. When there are no established written GAAP standards, follow International Accounting Standards. able. 12. Auditors must express an opinion on the effectiveness of internal control over financial reporting: a. On all audits b. Only on audits of publicly traded companies c. Only on audits of privately held companies. d. Only on audits of pension plans. 13. Reasonable assurance implies that there is a low level of risk remaining that the auditor's express an opinion that the financial statements are properly stated when they are not Obtaining absolute assurance is not possible due to: a. The nature of financial reporting. b. The nature of audit procedures c. The need to conduct an audit within a reasonable period of time at a reasonable cost. d. All of the above. 14. Business characteristics such as the following are indicative of high inherent risk: a. Inconsistent profitability of the client relative to other firms in the industry. b. Low management turnover and highly competent accounting staff. C. A large number of routine transactions. d. All of the above. 15. AUG provides biective that 15. Audit documentation: a. Provides evidence of the auditors' basis for concluding on the achievement of the audit's overall objectives b. Provides evidence that the audit was planned and performed in accordance with GAAS. C. is not necessary if the audit uses Data Analytics. d. Both a and b above. it use

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Answer 1

11. During our first class, we discussed the accounting for Bottles Off Premises and Deposits Off Premises on the Balance Sheet of a Coca-Cola bottling company. The purpose of this discussion was to illustrate that GAAP represents Complying with established written standards and when there are no established written standards, find out what everyone else is doing.

12. Auditors must express an opinion on the effectiveness of internal control over financial reporting only on audits of Publicly traded companies.

13. Reasonable assurance implies that there is a low level of risk remaining that the auditor’s express an opinion that he financial statements are properly stated when they are not Obtaining absolute assurance is not possible due to the nature of financial reporting, the nature of audit procedure and the need to conduct an audit within a reasonable period of time at a reasonable cost.

14. Business characteristics are indicative of high inherent risk are Inconsistent profitability of the client relative to other firms in the industry.

15. Audit Documentation is provides evidence of the auditors basis for concluding on the achievement of the audits overall objectives.