Homework Answers
| Q46 | ||||||||
| a) Opinion on work of another auditor and c) Going concern | ||||||||
| Reason: Both the items are covered under explanatory language added to the Auditor's Standard Report. You may also refer to AU 508. | ||||||||
| Q47 | ||||||||
| b) Evaluation of the efficiency and effectiveness of the management | ||||||||
| Reason: All the other 3 statements are supported by various auditing standards. Evaluation of efficiency and effectiveness of management is a very wide term and is not captured as a specific requirement in the auditing standards. | ||||||||
| Q48 | ||||||||
| a) Introduction, scope and opinion | ||||||||
| Reason: Introduction consists of period, historical financial statements reference etc. Scope would include the scope of audit and opinion based on the auditing procedures performed. | ||||||||
| Q49 | ||||||||
| a) usually refers to the company's system of internal controls. | ||||||||
| Reason: All other statements are incorrect | ||||||||
| Q50 | ||||||||
| a) explain the significant accounting policies of the company | ||||||||
| Reason: All other statements are incorrect | ||||||||
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