Discuss the auditor’s responsibility for detecting subsequent events (a) prior to the completion of field work; (b) prior to signing the audit report, and (c) between the date of the audit report and the issuance of the financial report.

Q: List the three reasons why an experienced member of the audit firm must thoroughly review audit…

A: Audit documentation: It is the record and documentation of the performance of auditors and it is…

Q: Understand the fundamental principle of reporting and identify the basic contents of the auditors’…

A: Audit: Audit is the process of verification of the compliance of the financial statements. It…

Q: List and describe the required preengagement activities that auditors undertake before beginning an…

A: Pre-engagement activities: The summary of risk assessment procedure that need to be performed before…

Q: n which of the following audit type the operational area of the audit is determined by management?

A: The correct answer is b. Internal Audit

Q: The date of the CPA’s opinion on the financial statements of the client should be the date of the:…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

Q: Which of the following is not a part of opinion section of the auditor's report? Oa. Identify the…

A: An auditor should express his opinion whether such financial statements are prepared and presented…

Q: Which of the following normally occurs earliest in the audit examination?a. Discovery of an omitted…

A: Audit examination is the examining of all the audit workings and review them in order to ensure…

Q: literature review on how do auditor gather audit evidence during the period of covid 19

A: Answer: Audit evidences are the backup documents that are collected by auditors to support their…

Q: The auditing standards regarding subsequently discovered facts refers to knowledge obtained aftera.…

A: Answer:   Option B

Q: An audit report was dual-dated for a subsequent event disclosed in the financial statements, which…

A: correct option is (2) extended to subsequent events occurring through the date of issuance of…

Q: Which refers to the record of audit procedures performed, relevant audit evidence obtained, and…

A: Audit documentation can be termed as keeping various records and procedures which was performed by…

Q: For auditors, the term materiality is important, both at the planning stage of the audit and at the…

A: Materiality is a concept in accounting refers to that all the material facts / items should be…

Q: If subsequent to the issuance of the audited financial statements, the auditor becomes aware of…

A: Audited financial statements are those that are properly examined by the professional called…

Q: Name the record in which the auditor records the audit procedures performed, the relevant audit…

A: Auditing means checking the accuracy and reliability of financial statements. In the process of…

Q: The particular and specialized actions that auditors take to obtain evidence during a specific…

A: Auditing:   In auditing, auditors verify the correctness and fair presentation of financial…

Q: An adjusting event is one that: Select one alternative: occurs after reporting date and…

A: Adjusting events are those events which provide evidence of the conditions existing at the reporting…

Q: Which of the following is correct about assembling the audit documentation in an audit file? O a.…

A: Audit:- An audit is considered as the physical examination of books of account of company by an…

Q: Which one of the following document is considered as a permanent audit file? Significant analysis of…

A: Permanent audit file is that file which is maintained during the full course of audit. Under this,…

Q: Audit documentation is the written record of the basis for the auditor's conclusions that provides…

A: Audit:- An audit is referred as the physical examination of books of accounts of particular company…

Q: Select the necessary words from the list of possibilities to complete the following statements. 1.…

A: There were two types of audit  risks that auditor should assess before conducting an audit. Inherent…

Q: In determining whether transactions were really exist, the direction of the audit testing should be…

A: In determining whether transactions were really exist, the direction of the audit testing should be…

Q: The auditor shall develop an audit plan that shall include a description of: The nature, timing and…

A: Audit plan plays an important factor during the course of an audit. Before conducting an audit, an…

Q: What are auditors’ responsibilities for subsequently discovered facts if these are identified…

A: Subsequently Discovered Facts: These are the facts that become available or known to the auditor…

Q: Auditors have a responsibility related to management’s disclosure of new informationrelated to…

A: Auditor: The person who is considered responsible for assessing the credibility of the financial…

Q: Following the date of the financial statements, auditors complete the substantive processes.…

A: Introduction: Following the date of financial statements, auditors are obliged to complete various…

Q: Which of the following engagements is most likely to be considered an operational audit? The…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: Which of the following engagement planning procedures would most likely assist the auditor in…

A: Answer:   Option d.

Q: b) Discuss TWO (2) audit procedures to ensure sufficiency of audit evidence

A: There are various audit procedures that are used to ensure the sufficiency of audit evidence. These…

Q: When the auditor uses supporting evidence for amounts posted to account balances with documentary…

A: The term "audit" refers to the process of determining the information's trustworthiness and…

Q: Identify the major disclosures in the auditor's report and understand management's responsibilities…

A: An audit is an independent examination of the books of the accounts and financial statements whether…

Q: What are auditors' obligations for later found facts uncovered (a) before to the audit report's…

A: Facts Discovered Subsequently: These are facts that become accessible or become known to the auditor…

Q: Identify major activities performed by auditors in completing the substantive procedures following…

A: Auditors are required to perform several substantive procedures following the date of financial…

Q: n auditor in developing his overall plan for the expected scope and conduct of audit.

A: The audit plan lays out the strategy, audit procedure, and methodologies that will be used to…

Q: Identify the contents of Form 10-K, Form 10-Q, and Form 8-K. How are auditors involved with the…

A: Securities and Exchange Commission (SEC): SEC is an independent organization of the federal…

Q: An Auditor must perform audit procedures in order to obtain sufficient appropriate audit evidence…

A: An Auditor must perform audit procedures in order to obtain sufficient appropriate audit evidence…

Q: The audit report dates are: a. Closing date of client's book b. The date on which the letter of…

A: Audit report is the auditor’s opinion expressed by an internal or external auditor upon examining…

Q: An auditor shall prepare audit documentation on a basis.

A: An audit is a process of checking and verifying the books of account and financial information of…

Q: Which of the following best describes the general contents of the introductory paragraph of the…

A: Reporting principle:  A fundamental principle that guides the auditor to file a written report which…

Q: Which of the following should an auditor obtain from the predecessor auditor prior to accepting an…

A: An Auditor is a person responsible for verifying the financial statements or we can say financial…

Q: Describe a number of audit processes the auditor may use to evaluate whether all of the money…

A: Examiners use audit processes to determine the type of financial information their clients provide,…

Q: What should occur if the audit report has already been issued and the auditor becomes aware of a…

A: According to IAS 10, Subsequent events are the events that occur after the financial statement dates…

Q: When the auditor develops supporting evidence for amounts posted to account balances with…

A: Audit is the process of checking and examining books of accounts in order to ensure that financial…

Q: Explain the objectives and purpose of each financial statement and elaborate that how the auditor…

A: Financial statements are the reports that indicate the financial position of the business. The…