1. Find the auditor’s report and record the name of the auditing
firm. What is the auditor’s opinion of Ford’s financial statements
and internal control?
2. Find the management’s reports. What is the management’s opinion
of Ford’s financial statements and internal control?
1. PricewaterhouseCoopers LLP is the auditing firm for Ford Motor Company. The auditor's has given clean report on the financial statements of the Company. And also given clean report on the internal control of the Company. It states the fact that the internal control is working effectively except inherent limitations of internal control.
2. Management report gives reasonable assurance that's the financial statement are free from material misstatements. The management has conducted an assessment of the effectiveness of internal control over financial reporting and states that controls are working effectively.
1. Find the auditor’s report and record the name of the auditing firm. What is the...
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....
Question 5 (20 marks)Your firm, WWW LLP, is the auditor of Walnut Ltd. The auditor’s report below was drafted by Beanie Junior, a staff accountant at the firm. Walnut Ltd. is a publicly-held company (incorporated under the Canada Business Corporations Act and traded on the Toronto Stock Exchange) with a year end of December 31, 2018. The report was submitted to the engagement partner who reviewed the audit working papers and properly concluded that an unmodified opinion should be issued....
A qualified report is issued when all auditing conditions have been met, no significant mistreatment have been discovered, and it is the auditor’s opinion that the financial statements are fairly stated in accordance with GAAP True False
1.) What causes an auditor’s report to be qualified? adverse? a disclaimer of opinion? unqualified with explanatory language? 2.) Why is the management discussion and analysis useful to the financial analyst?
Auditing and assurance services 11th edition 2-25 Dale Boucher, the owner of a small electronics firm, asked Sally Jones, CPA, to conduct an audit of the company’s records. Boucher told Jones that the audit was to be completed in time to submit audited financial statements to a bank as part of a loan application. Jones immediately accepted the engagement and agreed to provide an auditor’s report within one month. Boucher agreed to pay Jones her normal audit fee plus a...
Chapter 1 Principles of Auditing What was the first auditing standard-setting body? Auditing involves an investigation and a report. The audit process involves gathering and evaluating evidence to issue an opinion. P.7 What is the primary purpose of an independent financial statement audit? In order for an auditor to attest to the fairness of information reported in the financial statements, the auditor must be _________.
1.Which of the following is not one of the steps the auditor must perform to assess control risk at less than “high” for a financial statement assertion? A) obtain an understanding of internal control B) identify controls that address all relevant assertions in the financial statements C) make a preliminary assessment of control risk based on the design of relevant controls D) test the operating effectiveness of the controls that must be effective to reduce control risk 2.Which of the...
Include in your report the answers to the questions listed below. Also, remember to include the source of your answer, by indicating the document (SEC Form 10-K, or Proxy Statement) and page number where the answer was found. -Company: Nike Company -Use the 2019 10-k Annual report (No need to be long answers and can be obtained directly from 10-k form, but please state the page the answers were found). I:Background a. Name of the company b. Fiscal year covered...
FINAL CASE STUDY QUESTION IN AUDITING Q11-15 You are currently completing the audit of Erbilek Co for the year ended 31 December 2018. It is planned that the financial statements will be approved on 18 March 2019 and the auditor’s report will be signed on that date. The financial statements will be issued on 5 April 2019. On 31 March 2019, you become aware that Erbilek Co’s major customer has ceased to trade. Audit documentation show that the customer’s account...
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...