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.
Homework Answers
The answer is
a. the standard unmodified opinion audit report is referred to as an unqualified opinion audit report.
The PCAOB standards uses the unqualified opinion in place of unmodified opinion.
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Under PCAOB standards: a.)the standard unmodified opinion audit report is referred to as an unqualified opinion...
What is accounting What is auditing What is attestation The roles SEC, PCAOB, AICPA and ASB...
What is accounting What is auditing What is attestation The roles SEC, PCAOB, AICPA and ASB The differences between operational audit, compliance audit, financial statements audit The difference between information and business risk The AICPA principles and their subcategories What are the SASs and their purpose The difference between S-1, 8-K, 10-K, and 10-Q If an auditor of a public company cannot find guidance issued by the PCAOB, where should (s)he look for guidance Possible organizational structures for CPA firms...
Identify similarities and differences between the Standard Unmodified Opinion Audit Report for a U.S. Nonpublic Company...
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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...
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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...
The standard unqualified audit report for public entities includes the following three paragraphs: A. Scope, fieldwork...
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Casa Royale, Inc., a public company, retains Ying and Company CPA to audit its financial statements...
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Can you answer these questions? Thank you 30. Which one of the following is not one...
Can you answer these questions? Thank you
30. Which one of the following is not one of the three General Standards? a. Proper planning and supervision. b. Independence of mental attitude. c. Adequate training and proficiency. d. Due professional care. 31. Standards issued by the Public Company Accounting Oversight Board must be followed by CPAs who audit: a. both private and public companies. b. public companies only. private companies, public companies, and nonprofit entities. d. private companies only. 32. Any...
Identify similarities and differences between the Standard Unmodified Opinion Audit Report for a U.S. Nonpublic Company (AICPA makes auditing standards) and the Standard Unmodified Opinion Audit Report for a U.S. Public Company (PCAOB makes auditing standards). Do more than use general terms; you need to be specific. Concerning a public company, it is registered with the Securities & Exchange Commission (SEC) and its stock or equity is exchanged through a market like the New York Stock Exchange, or NASDAQ, etc....
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...
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,...
Which of the following would not require a departure from an
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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...
The standard unqualified audit report for public entities includes the following three paragraphs: A. Scope, fieldwork and conclusion. B. introductory, scope and management's responsibility c. Introductory, scope and opinion. p. materiality. scope and report.
Can you answer these questions? Thank you
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