Homework Answers
The emphasis of matter may be due to Justified lack of consistency, Going concern doubt or unconsistency.
The answer is A consistency modification.
Add Answer to:
Which of the preceding situations normally involves the auditor adding an emphasis-of-matter paragraph to the client's...
When an issue is properly disclosed in a client's financial statements, the auditor should issue which...
When an issue is properly disclosed in a client's financial statements, the auditor should issue which one of the following audit opinions based on doubt that the client can continue as a going concern. O Unmodified with qualified emphasis-of-matter: yes | qualified: yes O Unmodified with qualified emphasis-of-matter: noſ qualified: yes o Unmodified with qualified emphasis-of-matter: yes qualified: no o Unmodified with qualified emphasis-of-matter: no qualified: no
Consider the following statements: I. An Other Matter paragraph “… refers to something that has...
Consider the following statements: I. An Other Matter paragraph “… refers to something that has been appropriately presented or disclosed in the financial statements”. II. The new PCAOB audit report includes a section involving Critical Audit Matters. a. I is true; II is true b. I is true; II is false c. I is false; II is true d. I is false; II is false 2. Consider the following statements: I. Inconsistent...
What type(s) of audit opinion(s) must an auditor issue when the client's financial statements are materially and pervas...
What type(s) of audit opinion(s) must an auditor issue when the client's financial statements are materially and pervasively misstated? O Qualified: yes | Adverse: yes O Qualified: yes | Adverse: no O Qualified: no | Adverse: no O Qualified: no | Adverse: yes
In which of the following circumstances would an auditor most likely add an "emphasis of matter"...
In which of the following circumstances would an auditor most likely add an "emphasis of matter" paragraph to the auditor's report without changing the unmodified opinion? A. The auditor is asking to report on the balance sheet, but not the other basic financial statements. B. Management changed from one accepted accounting principal to another accepted accounting principal and accounted properly for the effects of the change as required by GAAP. C. Certain transactions cannot be tested because of management's records...
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...
1. Which of the following are the established criteria against which management's assertions are judged in...
1. Which of the following are the established criteria against which management's assertions are judged in an audit? a- Generally Accepted Accounting Principles - Generally Accepted Auditing Standards C- Consistently Reported Accounting Procedures d- Fairness in application of accounting principles 2. Which of the following criteria is unique to the auditors assurance function? a. General competence b- Familiarity with the particular industry of which the client is part C- Due professional care d- Independence 3. Independent auditing can best be...
Situation 1 The accounting firm of Aschari and Di Tomaso was engaged to perform an audit...
Situation 1 The accounting firm of Aschari and Di Tomaso was engaged to perform an audit of the financial statements of Pammenter Inc. During the audit, Pammenter’s senior managers refused to give the auditors the information they needed to confirm any of the accounts receivable. As a result, Aschari and Di Tomaso were not able to confirm the accounts receivable balance. However, they did not encounter any other problems during the audit. Situation 2 The accounting firm of Jovanovic and...
For each of the following independent situations, assume that any amounts would be material. ...
For each of the following independent situations, assume that any amounts would be material. (I) Indicate the TYPE of appropriate audit report; A. unqualified, B. qualified or adverse, C. qualified or disclaimer, D. Disclaimer, E. Qualified only, or F. Other. INDICATE the situation involved, i.e. “Accounting situation”, and DISCUSS the situation. (II) State whether an explanatory paragraph [i.e. PCAOB audit] would be included, and if so, what would be included in the explanatory paragraph....
The auditor's responsibility section of the standard audit report states that the auditor is (15 A)...
The auditor's responsibility section of the standard audit report states that the auditor is (15 A) responsible for the financial statements and the opinion on them B) responsible for the financial statements C) responsible for the opinion on the financial statements .D) jointly responsible for the financial statements with management If the balance sheet of a private company is dated December 31, 2011, the audit report is dated February (16 8, 2012, and both are released on February 15, 2012,...
asap clearly pls Chapter 18 For each of the following independent situations, assume that any amounts...
asap clearly pls
Chapter 18 For each of the following independent situations, assume that any amounts would be material (1) Indicate the TYPE of appropriate audit report; A. unqualified, B. qualified or adverse, C. qualified or disclaimer, D. Disclaimer, E. Qualified only, or F. Other. INDICATE the situation involved, Le. "Accounting situation", and DISCUSS the situation. (1) State whether an explanatory paragraph (i.e. PCAOB audit] would be included, and if so, what would be included in the explanatory paragraph. (H)...
When an issue is properly disclosed in a client's financial statements, the auditor should issue which one of the following audit opinions based on doubt that the client can continue as a going concern. O Unmodified with qualified emphasis-of-matter: yes | qualified: yes O Unmodified with qualified emphasis-of-matter: noſ qualified: yes o Unmodified with qualified emphasis-of-matter: yes qualified: no o Unmodified with qualified emphasis-of-matter: no qualified: no
What type(s) of audit opinion(s) must an auditor issue when the client's financial statements are materially and pervasively misstated? O Qualified: yes | Adverse: yes O Qualified: yes | Adverse: no O Qualified: no | Adverse: no O Qualified: no | Adverse: yes
1. Which of the following are the established criteria against which management's assertions are judged in an audit? a- Generally Accepted Accounting Principles - Generally Accepted Auditing Standards C- Consistently Reported Accounting Procedures d- Fairness in application of accounting principles 2. Which of the following criteria is unique to the auditors assurance function? a. General competence b- Familiarity with the particular industry of which the client is part C- Due professional care d- Independence 3. Independent auditing can best be...
The auditor's responsibility section of the standard audit report states that the auditor is (15 A) responsible for the financial statements and the opinion on them B) responsible for the financial statements C) responsible for the opinion on the financial statements .D) jointly responsible for the financial statements with management If the balance sheet of a private company is dated December 31, 2011, the audit report is dated February (16 8, 2012, and both are released on February 15, 2012,...
asap clearly pls
Chapter 18 For each of the following independent situations, assume that any amounts would be material (1) Indicate the TYPE of appropriate audit report; A. unqualified, B. qualified or adverse, C. qualified or disclaimer, D. Disclaimer, E. Qualified only, or F. Other. INDICATE the situation involved, Le. "Accounting situation", and DISCUSS the situation. (1) State whether an explanatory paragraph (i.e. PCAOB audit] would be included, and if so, what would be included in the explanatory paragraph. (H)...
Most questions answered within 3 hours.
-
The x component of the velocity of an object vibrating
along the x-axis obeys the equation...
asked 1 minute ago -
A junction box contains two trade size 2 raceways on the left
side, and two trade...
asked 34 minutes ago -
Atmospheric Mass
Venus and Earth have about the same mass and radius, but the
atmospheric pressure...
asked 1 hour ago -
5. Discuss the use of fault tree analysis (FTA) for risk
assessment (maximum one paragraph).
asked 2 hours ago -
Given that a sample of aluminium oxide has a Young's modulus of
393 GPa and a...
asked 3 hours ago -
At a certain temperature, the equilibrium constant, Kc, for this
reaction is 53.3.
H2(g)+I2(g)−⇀↽−2HI(g)Kc=53.3
At this...
asked 5 hours ago -
Question1 ) The STL provides similiar classes called stack and
queue, both of which gave functions...
asked 6 hours ago -
For Questions 1-4, assume you have 5 bits available:
1. For (positive) integers: What is the...
asked 6 hours ago -
convert grams into vloume with the density of water being at
.997514 g/cm^3 at 23.1 Celsuis...
asked 8 hours ago -
Foreman company obtained a $20,000, 6% loan on May 1, 2018.
Principal and interest will be...
asked 8 hours ago -
5. Problem 11.05 (Discounted Payback)
eBook
Project L costs $60,000, its expected cash inflows are $14,000
per...
asked 8 hours ago -
1. Which of the following is true about politics and health
organizations?
A. Health organizations are...
asked 9 hours ago