Homework Answers
Answer
- The correct answer is Option #2: No, Yes, No.
- The fact that audit evidence were insufficient and that has led to a qualified opinion by the auditors should be mentioned in the “Opinion Paragraph”.
- Responsibility Paragraph only states auditor’s responsibility in relation to the audit engagement.
- Note to Financial Statements are themselves audited by the auditor and are responsibility of management.
Add Answer to:
b. An auditor who qualified an opinion because of an insufficiency of audit evidence should refer...
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....
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...
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.
Principles of auditing Ch3 QUESTION 8 An auditor's report contains the following sentences:We did not audit...
Principles of auditing Ch3
QUESTION 8 An auditor's report contains the following sentences:We did not audit the financial statements of B Company, a consolidated subsidiary, which statements reflect total assets and revenues constituting 20 percent and 22 percent, respectively, of the related consolidated totals. These statements were audited by other auditors, whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for B Company, is based solely upon the report of the...
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,...
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
Under PCAOB standards: a.)the standard unmodified opinion audit report is referred to as an unqualified opinion...
Under PCAOB standards: a.)the standard unmodified opinion audit report is referred to as an unqualified opinion audit report. b.)the scope paragraph states that the financial statements are the responsibility of management. C.)internal controls of a public company must be audited every five years. d.)the scope paragraph is the same as the scope paragraph for private companies.
questions concern audit reports other than unmodified opinion audit reports with standard wording Choose the best...
questions concern audit reports other than unmodified opinion audit reports with standard wording Choose the best response ed opinion, an opinion qualified due to a material doparture 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 modfication to the introductory paragraph O 4. include a slight modification to the auditors responsibility paragraph.
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow. The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) indicating that the audit was adequate in scope and that the financial statements present the financial position results of...
Question 3 (20 marks) The following statements relate to general principles or terms used in the...
Question 3 (20 marks) The following statements relate to general principles or terms used in the audit of financial statements. Identify two errors from each of the following statements (a)-(e) and explain briefly why these are errors or suggest corrections. (a) The objective of an audit of financial statements is to enable auditors to give a true and correct view in all respects in accordance with Hong Kong Auditing Standards. (b) Fraud refers to an unintentional act by one or...
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.
Principles of auditing Ch3
QUESTION 8 An auditor's report contains the following sentences:We did not audit the financial statements of B Company, a consolidated subsidiary, which statements reflect total assets and revenues constituting 20 percent and 22 percent, respectively, of the related consolidated totals. These statements were audited by other auditors, whose report has been furnished to us, and our opinion, insofar as it relates to the amounts included for B Company, is based solely upon the report of the...
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,...
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
questions concern audit reports other than unmodified opinion audit reports with standard wording Choose the best response ed opinion, an opinion qualified due to a material doparture 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 modfication to the introductory paragraph O 4. include a slight modification to the auditors responsibility paragraph.
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow. The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) indicating that the audit was adequate in scope and that the financial statements present the financial position results of...
Most questions answered within 3 hours.
-
Explain some different types of fungi. State the different
divisions undergo by fungi.
asked 6 minutes ago -
The shortest time that 120 C can flow through a 20 A circuit
breaker without tripping...
asked 6 minutes ago -
A software design pattern is a general, reusable solution to a
commonly occurring problem, acting as...
asked 9 minutes ago -
The mean waiting time at the drive-through of a fast-food
restaurant from the time an order...
asked 26 minutes ago -
The pitch (p) of a helix is defined as p = dn, in which n is...
asked 27 minutes ago -
Do you agree that the declining stock of social capital is the
blame for the failure...
asked 31 minutes ago -
A researcher is interested in whether coffee consumption helps
with performance on reading comprehension tasks. The...
asked 41 minutes ago -
it has been estimated since the beginning of the human race that
about 133 metric ton...
asked 46 minutes ago -
Where must Medicare prescription drug plans allow for
participants to fill their prescriptions?
asked 50 minutes ago -
Five moles of monatomic ideal gas have initial pressure 2.50 ×
103 Pa and initial volume...
asked 1 hour ago -
A resistor and the capacitor are used to control the timing in
the RC circuit of...
asked 1 hour ago -
Living in a group could bring several disadvantages to an
individual. What are some of the...
asked 1 hour ago