Homework Answers
1.) Management is (are) responsible for the financial statements.
2.) The auditor's report is the End product of an audit.
3.) An opinion include an introduction, management's and the auditor's responsibility and a(n) Opinion.
4.) An opinion indicates that the financial statements are presented Fairly.
5.) An audit report indicates that the audit evidence we have obtained is Sufficient to provide a basis for the opinion.
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1. _ _is (are) responsible for the financial statements. 2. The auditor's report is the of...
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...
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...
The following auditor's report was drafted by a staff accountant of Paul and Paul, CPAs, at...
The following auditor's report was drafted by a staff accountant of Paul and Paul, CPAs, at the completion of the audit of the comparative financial statements of ABC Corporation for the years ended December 31, 2018 and 2017. The report was submitted to the engagement partner, who reviewed matters thoroughly and properly concluded that an unmodified opinion should be expressed. The draft of the report prepared by an inexperienced staff auditor is as follows: Auditor's Report We have audited the...
18-28 The following auditor's report was drafted by a staff accountant of Nathan and Mat- thew,...
18-28 The following auditor's report was drafted by a staff accountant of Nathan and Mat- thew, CPAs, at the completion of the audit of the comparative financial statements of Monterey for the years ended December 31, 2018 and 2017. The report was sub- mitted to the engagement partner, who reviewed matters thoroughly and properly concluded that an unmodified opinion should be expressed. The draft of the report prepared by an inexperienced staff auditor is as follows: Auditor's Report We have...
For questions 11 to 13, match the responsibility of the audited financial statements with the responsible...
For questions 11 to 13, match the responsibility of the audited financial statements with the responsible party: Responsible Party 11. Management's responsibility regarding audited financial statements. 12. Independent auditors responsibility regarding audited financial statements 13. Audit committee responsibility regarding audited financial statements Responsibility A. Fairness of the financial statements B. Oversight and monitoring C. Issue a report in accordance with generally accepted auditing standards (GAAS)
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,...
Review the following independent auditors’ report To the Board of Directors and Shareholders Company XYZ "We...
Review the following independent auditors’ report To the Board of Directors and Shareholders Company XYZ "We have audited the accompanying balance sheets of X Company as of December 31, 2012, 2011 and 2010, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company’s management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance...
2.00 points Which of the following requires an explanatory paragraph in the independent auditors' report? Basing...
2.00 points Which of the following requires an explanatory paragraph in the independent auditors' report? Basing the opinion on the work of another auditor. □ uncertainties about the outcome of a significant event that would have affected the presentation of the financial statements Substantial doubt about the entity's viability to continue as a going concem None of the above O Type here to search の | Question 47 (of 50) 47 value 2.00 points An audit conducted in accordance with...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Please don't copy the answers from the book solutions, I need an answer to a,b,c,d,e,f,g and...
Please don't copy the answers from the book solutions, I need an
answer to a,b,c,d,e,f,g and h.
thanks
Match each the following statements with the appropriate type of auditors' report (each auditors' report may be used once, more than once, or not at all): A. Adverse. D. Disclaimer Q. Qualified S. Standard unmodified. Agree (A) or Disagree (D) Statement a. The report should begin with "CPA's Report" at the top. b. The report is ordinarily addressed "to whom it may...
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...
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...
18-28 The following auditor's report was drafted by a staff accountant of Nathan and Mat- thew, CPAs, at the completion of the audit of the comparative financial statements of Monterey for the years ended December 31, 2018 and 2017. The report was sub- mitted to the engagement partner, who reviewed matters thoroughly and properly concluded that an unmodified opinion should be expressed. The draft of the report prepared by an inexperienced staff auditor is as follows: Auditor's Report We have...
For questions 11 to 13, match the responsibility of the audited financial statements with the responsible party: Responsible Party 11. Management's responsibility regarding audited financial statements. 12. Independent auditors responsibility regarding audited financial statements 13. Audit committee responsibility regarding audited financial statements Responsibility A. Fairness of the financial statements B. Oversight and monitoring C. Issue a report in accordance with generally accepted auditing standards (GAAS)
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,...
2.00 points Which of the following requires an explanatory paragraph in the independent auditors' report? Basing the opinion on the work of another auditor. □ uncertainties about the outcome of a significant event that would have affected the presentation of the financial statements Substantial doubt about the entity's viability to continue as a going concem None of the above O Type here to search の | Question 47 (of 50) 47 value 2.00 points An audit conducted in accordance with...
B) Multiple choices: 60 points: for each statement circle the best answer. 1) The three requirements for becoming a CPA include all but which of the following A) Uniform CPA examination requirement B) Educational requirements C) Character requirements D) Experience requirement 2) The International Standards on Auditing (ISAs) A) are issued by the AICPA B) override a country's regulations governing the audit of a company C) has many of the same standards as the Auditing Standards Board (ASB) D) must...
Please don't copy the answers from the book solutions, I need an
answer to a,b,c,d,e,f,g and h.
thanks
Match each the following statements with the appropriate type of auditors' report (each auditors' report may be used once, more than once, or not at all): A. Adverse. D. Disclaimer Q. Qualified S. Standard unmodified. Agree (A) or Disagree (D) Statement a. The report should begin with "CPA's Report" at the top. b. The report is ordinarily addressed "to whom it may...
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