e the following: GAAP has been consistently applied to the financial statements presented. Audit evidence obtained is sufficient and appropri
Q: 1. A client has departed from GAAP for what you, the auditor, considers to be not justifiable. It…
A: As per our protocol we provide solution to the one question only but you have asked multiple…
Q: A fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also…
A: The term fair presentation refers to the true presentation of the material facts in the books and…
Q: Under what state of affairs it implies that an auditor has obtained sufficient & appropriate audit…
A: Audit is the Independent examination of the Financial statement of the company
Q: A qualified audit report (qualified opinion) would usually be issued when a client's financial…
A: Qualified Audit Report means an auditor have opinion that some accounting treatments need…
Q: Question 36 The auditors include an emphasis-of-matter paragraph in report with an unmodified…
A: An auditor's opinion enhances the degree of confidence that intended users can place in the…
Q: 17. Which of the following is correct when a company is issuing summary financial statements…
A: Summary Financial Statement - Summary Financial Statement is the summary of entire financial…
Q: Briefly discuss THREE (3) benefits of a financial statement audit to a company.…
A:
Q: Auditing} 10. Choose the circumstances in which financial statements are not true and fair. a. When…
A: An auditor is a person who is responsible for auditing the financial statement of the company and…
Q: The auditors are responsible for performing an independent audit of the financial statements and…
A: Audit is the scrutinizing of the records and reports of an entity so as to disclose a true view of…
Q: 44. Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit…
A: Answer: Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit…
Q: If there is a matters that pose challenges to the auditor in obtaining appropriate audit evidence or…
A: Key audit matter are those matters that are from auditor's professional judgement need be given…
Q: When completing the audit of internal controls for a public company the PCAOB requires auditors to…
A: PCAOB (Public Company Accounting Oversight Board) - It is the non profit organization that regulates…
Q: Which section of the audit report contains the matters communicated to and addressed by the auditor…
A: Audit report contains the opinion of the auditor on financial statements whether financial…
Q: t kind of report must an auditor submit
A: Persuasive audit evidence enables the auditor to express audit opinion without confusions.
Q: 1) To obtain reasonable assurance about whether the financial statements as a whole are free…
A: Question 1: Answer is a In Financial statement the auditor has to express a fair opinion of audit,…
Q: Auditing} 28. Which one of the following options is the basis for opinion for an auditor? a. ISA ,…
A: An auditor is a person who is responsible for auditing the financial statements and providing an…
Q: 23 Choose the circumstances in which financial statements are not true and fair. a. When the…
A: The circumstances in which financial statements are not true and fair when the financial statements…
Q: Unless all TCWG are involved in managing the entity, the auditor shall communicate with TCWG events…
A: (d) All the options
Q: 1. Based on the nature evidence, it is likely that the auditor will at least be convinced that the…
A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…
Q: From the options given below identify the accounting data obtained by an auditor which are…
A: There are three types of audit opinions as follows: Unqualified opinion Qualified opinion Adverse…
Q: 1)An auditor’s engagement letter most likely will include A.A request for permission to contact the…
A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…
Q: Which section of the audit report contains the important matters communicated to and addressed by…
A: THOSE MATTERS THAT IN THE AUDITOR'S PROFESSIONAL JUDGEMENT ARE MOST SIGNIFICANCE ARE SHOWN UNDER THE…
Q: {Auditing} 16. A professional accountant should respect the confidentiality of information acquired…
A: Auditing refers to the independent checking of a company's operation by the outsider known as an…
Q: S1: PSA 700 requires a strict order of the elements of an independent auditor's report S2: All audit…
A: Solution: True, PSA 700 requires a strict order of the elements of an independent auditor's report…
Q: REVIEW QUESTIONS I What are the basic elements in a standard auditor's report on financial…
A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…
Q: Question 4 Respond to each of the following independent situations involving auditor reports. For…
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Q: ow is the auditor's responsibility for expressing the opinion on financial statements of a public…
A: Auditor's Report: It is the report prepared by the auditors. It expresses the auditors' assessment…
Q: -Collecting evidence by observation refers to:
A: As per accounting, evidence is defined under the audit procedure, were the auditor is held…
Q: 10. S1: The major beneficiary of an internal audit is the management. S2: An auditor should design…
A: Hi student Since there are multiple questions, we will answer only first question.
Q: Under which clause of ISA, the auditor's responsibilities relating to prevention and detection of…
A: Auditor is the person who is responsible for audit work. Audit means examination or review of books…
Q: {Auditing} 21. The scope of an audit is the determination of the range of the activities and the…
A: The term "audit" refers to the process of determining the information's trustworthiness and…
Q: engagement during an audit.
A: Audit engagement is the step by step procedure from the beginning to the conclusion of an audit.
Q: QUESTION 4 a) ISA 230 Audit Documentation contains the following statement with regard to working…
A: ISA 230 "Audit Documentation" requires that an auditor has to prepare documentation that provides :…
Q: 11. How could an auditor ensure that a client or employer receives competent professional services…
A: EXPLANATION:- Professional Competence and Due Care – to webservice or company receives knowledgeable…
Q: 11. Which of the following is an example of an assurance engagement providing limited assurance? A.…
A: Assurance Engagement:-It means it is an engagement where a practitioner expresses his or her opinion…
Q: Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the…
A: Auditing means the independent checking of a company's operation by the outsider known as an…
Q: 9. In a financial statement audit, which is not an element of assurance engagement? A. Independent…
A: Assurance Engagement:-It means it is an engagement where a practitioner expresses his or her opinion…
Q: As Review of Financial Statements under SSARS is not considered an audit engagement the accountant…
A: The review of financial statements can be defined as the conclusion provided by the accountant based…
Q: Auditing} 23. From the options given below, identify an opinion formed by an auditor when financial…
A: Auditing means the independent checking of the company's operation by an outsider person known as an…
Q: 13. When auditing an entity's financial statements in accordance with Government Auditing Standards…
A: When auditing an entity's financial statements in accordance with Government Auditing Standards (the…
Q: The auditor shall express ________opinion when he concludes that there are possibilities of material…
A: An adverse opinion is defined as the professional opinion, which is used to prepare an auditor…
Q: In the context of documentation of the audit procedures performed and audit evidence obtained the…
A: Audit documentation Enable the engagement team to be accountable for its work.
Q: S1: After conducting an audit and release of the audit report, the primary responsibility on the…
A: S1: After conducting an audit and release of the audit report, the primary responsibility on the…
Q: Documentation 24. The auditor shall document: (a) Issues identified with respect to compliance with…
A: Auditing is an important activity that is undertaken by all the business organizations in the…
Q: The AICPA sets auditing standards for auditors of non-public companies in the U.S. True…
A: AICPA is the American Institute of CPA. It develops US auditing standards for auditors of private…
Q: objective of auditing
A: Option a is wrong because determination of true and fair view of the financial position of an…
Q: 21)An audit engagement letter A.May not be prepared each period for a recurring audit engagement…
A: Answer: Solution Note : As per the Q&A guideline we are required to answer the first question…
Q: QUESTION 9 Match the appropriate term with each of the following definitions. ✓ Accounting standards…
A: Since you have asked multiple questions, we will solve only the first question for you. If you want…
Question 11
Under GAAS an auditor opinion must explicitly state the following:
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GAAP has been consistently applied to the financial statements presented. |
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Audit evidence obtained is sufficient and appropriate and provide a basis for our audit opinion. |
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The company audited is not a going going concern. |
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All of the answers provided are explicitly stated in the audit opinion. |
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- 9 The best audit opinion every company or client would desire on the audited financial statements is ____________ Question 9 options: a) Qualified Opinion b) Disclaimer Opinion c) Adverse Opinion d) Unmodified OpinionQuestion 28 A qualified audit report (qualified opinion) would usually be issued when a client's financial statements contain a justified departure from GAAP True FalseISA 200: Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing states that the overall objective of the independent auditor is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements in accordance with the auditor’s findings.” REQUIRED: Briefly discuss THREE (3) benefits of a financial statement audit to a company. Discuss FOUR (4) circumstances that could impose threats to the auditor’s independence. State ONE (1) example for each of the circumstances. Auditor’s failure to exercise sufficient care and skill in carrying out their audit might lead to legal action by those who claim to rely on the work of the auditor (Che-Ahmad et. Al., 2018). REQUIRED: Discuss THREE (3) safeguards by auditors that could help minimize the risk of legal liability.
- ISA 200: Overall Objective of the Independent Auditor, and the Conduct of an Audit in Accordance with International Standards on Auditing states that the overall objective of the independent auditor is to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to report on the financial statements in accordance with the auditor’s findings.” REQUIRED: Briefly discuss THREE (3) benefits of a financial statement audit to a company. Discuss FOUR (4) circumstances that could impose threats to the auditor’s independence. State ONE (1) example for each of the circumstances.Question 7 The AICPA sets auditing standards for auditors of non-public companies in the U.S. True FalseProblem 10: For the following scenarios, assume you are the CPA reporting on the client's financial statements Determine the circumstance that applies to the situation and the type of opinion that needs to be issued for this nonpublic company. You may use all, some, or none of the circumstances and opinions. the Circumstance the Type of Opinion ConsistencyUnmodified Emphasis of Matter or other-matter paragraphQualified Going ConcernDisclaimer Justified departure from GAAPAdverse Other auditors Scope limitation Unjustified departure from GAAP No circumstance applies 1. A client has departed from GAAP for what you, the auditor, considers to be not justifiable. It has caused the financial statements to be materially misstated. Circumstance: Type of Opinion: 2. A client has departed from GAAP for what you, the auditor, considers to be justifiable. The financial statements would have been misleading if the client had not departed from GAAP. Circumstance: Type of…
- Question 36 The auditors include an emphasis-of-matter paragraph in report with an unmodified opinion in order to emphasize that the entity being reported upon is a subsidiary of another business enterprise. The inclusion of this paragraph: Group of answer choices Is appropriate and would not negate the unmodified opinion. Is considered a qualification of the opinion. Is a violation of generally accepted reporting standards if this information is disclosed in notes to the financial statements. Necessitates a revision of the opinion paragraph to include the phrase "with the foregoing explanation."Question 24 Which of the following is true regarding the auditor's responsibility related to reporting? Sufficient appropriate evidence should be obtained to afford a reasonable basis for the opinion regarding financial statements under audit. The audit opinion relates only to the client's financial statements, and does not relate to required footnotes. If the auditor has reservations about the fairness of presentation of the financial statements, the auditor does not need to provide the reason for this reservation. All of the statements provided are true.Question 23 The auditors determined that the entity is suffering financial difficulty and its going concern status is serious in doubt. Assuming the entity adequately disclosed this matter in the financial statements, the auditor must choose between which of the following report alternatives? Unmodified opinion with a reference to going concern or disclaimer of opinion. Standard unmodified report or a disclaimer of opinion. Qualified or adverse opinion. Standard (unmodified) report or adverse opinion.
- {Auditing} 10. Choose the circumstances in which financial statements are not true and fair. a. When the auditor assures outsiders that the financial statements are reliable b. When the auditor is unable to assure outsiders that the financial statements are proper c. When the auditor assures that sufficient and appropriate audit evidence are obtained in support of financial statements d. When the auditor assures outsiders that the financial statements free from manipulationQuestion 25 When performing an audit of a public company, PCAOB standards do not require the auditor to perform test on internal controls if going straight to substantive audit procedures are more cost effective and provide will sufficient evidence to express an opinion on the financial statements taken as a whole. True False44. Statement 1. Publicly listed companies are recommended to have a qualified Chief Audit Executive (CAE) who shall oversee and be responsible for the internal audit activity of the organization and must be appointed by the Board, subject to the Principle of Proportionality. Statement 2. Internal Auditors are challenged to recognize and evaluate ethical and unethical situations often encountered in practice and it is important to be alert to situations that may threaten these fundamental principles. This is the concept of Ethical Intelligence. Which of the following statements is/are false? Group of answer choices Statements I and II Statement II only Statement I only None of the statements