Homework Answers
The following three paragraphs in an audit report are:-
C. Introductory, scope and opinion.
The first paragraph clarifies the responsibilities of management and the auditors and is referred to as the introductory paragraph. The second paragraph describes the nature of the audit and is called the scope paragraph. The last paragraph concludes by presenting the opinion of the audit in the opinion paragraph,
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The standard unqualified audit report for public entities includes the following three paragraphs: A. Scope, fieldwork...
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.
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...
Which of the following would not require a departure from an unqualified opinion? Question 1 Which...
Which of the following would not require a departure from an
unqualified opinion?
Question 1 Which of the following would not require a departure from an unqualified opinion? Selected Answer: Statement of cash flows not included Answers: Statements are not in conformity with GAAP. Scope limitation. Statement of cash flows not included Related party transactions. Question 2 Which of the following is false regarding materiality and the audit opinion? Selected Answer: The level of materiality is mathematically calculated and therefore...
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...
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 management's responsibility section of the standard audit report for a non-public company states that the...
The management's responsibility section of the standard audit report for a non-public company states that the financial statements are: A the responsibility of management. B. the joint responsibility of management and the auditor c. the responsibility of the auditor. o none of the above.
Which of the following paragraphs is placed after the opinion paragraph in the standard unmodified report,...
Which of the following paragraphs is placed after the opinion paragraph in the standard unmodified report, when applicable? A. Emphasis-of-matter paragraph B. Scope paragraph C. Opinion paragraph D. Auditor’s responsibility paragraph
Can you answer these questions? Thank you 18. Misstatements must be compared with some measurement base...
Can you answer these questions? Thank you
18. Misstatements must be compared with some measurement base before a decision can be made about materiality. A commonly accepted measurement base includes: net income. total assets. working capital. all of the above. soo 19. a. When a qualified or adverse opinion is issued, the qualifying paragraph is inserted: between the introductory and scope paragraphs. b. between the scope and opinion paragraphs. after the opinion paragraph, as a fourth paragraph. immediately after the...
s According to the standard unqualified audit report, primary responsibility for the financial statements lies with:...
s According to the standard unqualified audit report, primary responsibility for the financial statements lies with: A The auditors. B) The client's management. oBoth the auditors and the client's management. oThe client's shareholders.
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,...
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...
Which of the following would not require a departure from an
unqualified opinion?
Question 1 Which of the following would not require a departure from an unqualified opinion? Selected Answer: Statement of cash flows not included Answers: Statements are not in conformity with GAAP. Scope limitation. Statement of cash flows not included Related party transactions. Question 2 Which of the following is false regarding materiality and the audit opinion? Selected Answer: The level of materiality is mathematically calculated and therefore...
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...
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 management's responsibility section of the standard audit report for a non-public company states that the financial statements are: A the responsibility of management. B. the joint responsibility of management and the auditor c. the responsibility of the auditor. o none of the above.
Can you answer these questions? Thank you
18. Misstatements must be compared with some measurement base before a decision can be made about materiality. A commonly accepted measurement base includes: net income. total assets. working capital. all of the above. soo 19. a. When a qualified or adverse opinion is issued, the qualifying paragraph is inserted: between the introductory and scope paragraphs. b. between the scope and opinion paragraphs. after the opinion paragraph, as a fourth paragraph. immediately after the...
s According to the standard unqualified audit report, primary responsibility for the financial statements lies with: A The auditors. B) The client's management. oBoth the auditors and the client's management. oThe client's shareholders.
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,...
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