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For questions 88 to 90, match the audit reports with their description: Audit Reports 88. Qualified...
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...
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.
l. An auditor has concluded that the financial statements are not fairly presented in that they...
l. An auditor has concluded that the financial statements are not fairly presented in that they are pervasively misstated. The most appropriate type of audit opinion is: a. Adverse b. Disclaimer c. Qualified d. Unmodified A public company unqualified audit report is least likely to have which of the following titled sections? a. Opinion b. Generally accepted auditing standards c. Basis for opinion d. Critical audit matters
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...
1. Auditors communicate the results of an audit in an audit report. Of the four categories...
1. Auditors communicate the results of an audit in an audit report. Of the four categories of audit reports, which one indicates that while the auditor believes the financial statements are fairly presented, very material departures from GAAP, and the scope of the audit may have been substantially restricted? a)Adverse or disclaimer b)Qualified c)Standard unqualified d)Unqualified with explanatory paragraph 2. When communicating the purpose of internal controls, it is important to note that internal controls a)can be one hundred percent...
For each of the conditions represented by the numbers in the table below, select from the...
For each of the conditions represented by the numbers in the table below, select from the option list provided the opinion most likely to be expressed by the auditor of a nonissuer. Each choice may be used once, more than once, or not at all. Nature of Matter Giving Rise to the Potential Modification Auditor's Professional Judgment About the Pervasiveness of the Effects or possible Effects on the Financial Statements Material but Material and Not Material or Not Pervasive Pervasive...
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...
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...
Each of the following is a phrase from a paragraph in a report on an audit...
Each of the following is a phrase from a paragraph in a report on an audit of a non-issuer. Assume that, except for the information indicated in the phrase, the opinion would have been unmodified. Select from the option list provided the most likely report type for each phrase. Each choice may be used once, more than once, or not at all. Unmodified B. Qualified C. Disclaimer D. Adverse Phrase Report type 1. “In our opinion, except for the omission...
8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has...
8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has made sampling and professional judgment 12. T, F. An auditor should provide an opinion on the financial 13. T, F. Standards on audit reporting are currently in a state of chan used by auditors evpecia with respect to account balances and transactions. with respect to sampling statements only if the opinion obsolete material respectpi indicates that the financial statements are fairly stated...
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.
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...
For each of the conditions represented by the numbers in the table below, select from the option list provided the opinion most likely to be expressed by the auditor of a nonissuer. Each choice may be used once, more than once, or not at all. Nature of Matter Giving Rise to the Potential Modification Auditor's Professional Judgment About the Pervasiveness of the Effects or possible Effects on the Financial Statements Material but Material and Not Material or Not Pervasive Pervasive...
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...
8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has made sampling and professional judgment 12. T, F. An auditor should provide an opinion on the financial 13. T, F. Standards on audit reporting are currently in a state of chan used by auditors evpecia with respect to account balances and transactions. with respect to sampling statements only if the opinion obsolete material respectpi indicates that the financial statements are fairly stated...
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