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For each of the conditions represented by the numbers in the table below, select from the...
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...
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
For questions 88 to 90, match the audit reports with their description: Audit Reports 88. Qualified...
For questions 88 to 90, match the audit reports with their description: Audit Reports 88. Qualified Opinion 89. Adverse opinion 90. Disclaimer of opinion (Can use the audit reports once, more than once or not at all) Descriptions A. Financial statements are not fairly presented B. Auditor unable to determine the overall fairness of the financial statements C. States that, except for the effects of the matter to which the qualification relates - the financial statements are fairly presented
25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely to be selected? $125.44 $100.00 $50.00 $155.00 26 What of the following best describes the co...
25. In Monetary Unit Sampling/Dollar Unit Sampling, which of the following dollar amounts is most likely to be selected? $125.44 $100.00 $50.00 $155.00 26 What of the following best describes the concepts of tracing and vouching? Tracing starts at the source docs and ends at the financial statements, while vouching starts at the financial statements and ends at the source documents. Vouching starts at the source docs and ends at the financial statements, while tracing starts at the financial statements...
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements...
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements 1. Responsibility for the preparation and fair presentation of the financial statements rests with the Al) opinion is an opinion that the financial statements of a public company fairly present financial position results of operations, and cash flows in conformity with generally accepted accounting principles The auditor's responsbility relating to a GAS audit is for on the financial statements When a nonpublic clientelects to...
23. The National Association of Insurance Commissioner (NAIC) requires your insurance company client to present certain...
23. The National Association of Insurance Commissioner (NAIC) requires your insurance company client to present certain supplementary information in addition to the basic financial statements. However, while not required for the basic financial statements, your client has omitted the information required by the NAIC. 24. A client holds a note receivable consisting of principal and accrued interest, payable during the next fiscal period. The note's maker recently filed a voluntary bankruptcy petition, but your client failed to reduce the recorded...
Each statement describes a responsibility of an auditor. Select from the option list provided the type...
Each statement describes a responsibility of an auditor. Select from the option list provided the type of responsibility each imposes on the auditor. Each choice may be used once, more than once, or not at all. Statement Type of responsibility 1. The auditor should document the evidence obtained in the audit. 2. The auditor must be independent. 3. The auditor should test management's assertions relating to the financial statements. 4. The auditor may make suggestions about the form or content...
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...
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...
Check my w Select the necessary words from the list of possibilities to complete the following...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
For questions 88 to 90, match the audit reports with their description: Audit Reports 88. Qualified Opinion 89. Adverse opinion 90. Disclaimer of opinion (Can use the audit reports once, more than once or not at all) Descriptions A. Financial statements are not fairly presented B. Auditor unable to determine the overall fairness of the financial statements C. States that, except for the effects of the matter to which the qualification relates - the financial statements are fairly presented
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements 1. Responsibility for the preparation and fair presentation of the financial statements rests with the Al) opinion is an opinion that the financial statements of a public company fairly present financial position results of operations, and cash flows in conformity with generally accepted accounting principles The auditor's responsbility relating to a GAS audit is for on the financial statements When a nonpublic clientelects to...
23. The National Association of Insurance Commissioner (NAIC) requires your insurance company client to present certain supplementary information in addition to the basic financial statements. However, while not required for the basic financial statements, your client has omitted the information required by the NAIC. 24. A client holds a note receivable consisting of principal and accrued interest, payable during the next fiscal period. The note's maker recently filed a voluntary bankruptcy petition, but your client failed to reduce the recorded...
Each statement describes a responsibility of an auditor. Select from the option list provided the type of responsibility each imposes on the auditor. Each choice may be used once, more than once, or not at all. Statement Type of responsibility 1. The auditor should document the evidence obtained in the audit. 2. The auditor must be independent. 3. The auditor should test management's assertions relating to the financial statements. 4. The auditor may make suggestions about the form or content...
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...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
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