Answered: Following the date of the financial…

Following the date of the financial statements, auditors complete the substantive processes. Identify the most common actions that auditors do.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 17MCQ

See similar textbooks

Related questions

Q: Discuss the auditor’s responsibility for detecting subsequent events (a) prior to the completion of…

A: Auditor is the independent professional personnel appointed by the business organizations to perform…

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: financ cial recor... Auditors while examining the financial records must follow:

A: International standards on auditing (ISA) are used by auditors as a guiding tool in the process of…

Q: The primary responsible for the preparation of the financial statements is the: A. Internal Auditor…

A: The primary responsibility in preparation of financial statements is that of the management of the…

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

A: Answer: Option B

Q: To do an audit of a company's financial statements, there must be several key elements and…

A: The question is multiple choice question. Required Choose the Correct Option.

Q: The auditor considers materiality from the point of ___________ a. Overall financial information and…

A: Concept of materiality states that the information is required to be provided in the financial…

Q: Discuss financial and regulatory audits, including how an auditor formulates- an opinion.

A: "Since you have asked multiple question we will solve the first question for you. If you want any…

Q: Audit and Assurance - Effects of post-balance sheet events 2. Explain the procedure that an…

A: Subsequent Event - Event that occurred between balance sheet date and date on which financial…

Q: State the objectives of the ordinary audit of financial statements. In general terms, how do…

Q: Indicate the primary audit objective for the following audit procedure: Foot the accounts payable…

A: Audit refers to the examination or auditing of the financial statements (FS) namely income statement…

Q: Identify the primary parties involved in preparing and auditing financial statements, and briefly…

A: There are two types of audit: Internal Audit External Audit Internal Audit: An impartial service…

Q: Explain the role of the auditor in the financial reporting process.

A: Financial accounting: Financial accounting is the process of recording, summarizing, and reporting…

Q: The primary purpose for obtaining an understanding of the entity’s environment (including its…

A: Definition: Auditing: Auditing is the process by which assertions made by management about financial…

Q: The date of the CPA’s opinion on the financial statements of the client should be thedate of the(1)…

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

Q: An auditor's objectives in evaluating accounting estimates include all of the following except to…

A: Audit: It is a procedure for examining a company's financial statements. The goal of auditing is…

Q: Three common types of attestation services are Select one: O a. audits of historical financial…

A: Introduction: Auditing: Auditing means examining the books maintained by the company , Inspection of…

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: Who is responsible for preparing financial statements? Discuss the responsibility and functions of…

A: The data found on the fiscal summaries of an association is the establishment of corporate…

Q: Think about the accounting courses you have taken to date. Assets, Liabilities, Stockholders Equity…

A: When appraising a company or assessing an investment opportunity, fundamental analysts usually start…

Q: List the functions needs to be done on the part of auditor to verify contingent liabilities of an…

A: An contingent liability is a kind of liability which may or may not happen in the future and it was…

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

A: Answer: Option d.

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: Under which section in the auditor's report is stated that, "we have audited the financial…

A: An audit report is issued by the independent auditor of the company that contains the opinion on…

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: List the major components of the auditors’ report on internal control over financial reporting.

A: Internal Controls: Internal controls are the controls established within an organization to check…

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

A: Please refer to the answers given in next step. As each one is of different concepts no explanations…

Q: What options are available to the auditor for presenting reports on the entity’s financial…

A: Internal Control: Internal control refers to the plan of a company. Implementation of effective…

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: 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: 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: Define the concept of materiality in the context of financial reporting. What is the difference…

A: Materiality in Financial Statement:- Materiality in Financial Statement means the impact of omission…

Q: Analytical procedures are often performed on accounting ratios. Discuss the usefulness of analytical…

A: It is mandatory for the auditor to conduct a risk assessment to identify and assess the risk of data…

Q: Understand the types of reports that accompany an entity’s financial statements and the content of…

A: Definition: Independent auditor: Independent auditor or external auditor is the accountant who is…

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: 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…

Question

Following the date of the financial statements, auditors complete the substantive processes. Identify the most common actions that auditors do.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.
Identify major activities performed by auditors in completing the substantive procedures following the date of the financial statements.
Explain the objectives and purpose of each financial statement and elaborate that how the auditor shall verify these by his audit plan for the said financial Statements(You can assume necessary details).
Describe the financial statement's aims and purposes, and explain how the auditor intends to verify them via his audit plan for the financial statements (You can assume necessary details).
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 financialreport.
Identify the major disclosures in the auditor's report and understand management's responsibilities for the financial statements
Auditors have a responsibility related to management’s disclosure of new informationrelated to subsequent events untila. The date of the financial statements.b. The date of the auditor’s report.c. The audit report release date.d. The following year’s date of the financial statements
An audit plan containsa. Specifications of audit standards relevant to the financial statements being audited.b. Specifications of procedures the auditors believe appropriate for the financial statementsunder audit.c. Documentation of the assertions under audit, the evidence obtained, and the conclusionsreached.d. Reconciliation of the account balances in the financial statements with the account balances in the client’s general ledger.