In which of the following circumstances does not require auditors to modify the content of the standard report on the entity's financial statements? The auditors reference component auditors O who examined a subsidiary of group financial statements.

In which of the following circumstances does not require auditors to modify the content of the standard report on the entity's financial statements? The auditors reference component auditors O who examined a subsidiary of group financial statements.

Business/Professional Ethics Directors/Executives/Acct

8th Edition

ISBN:9781337485913

Author:BROOKS

Publisher:BROOKS

Chapter5: Corporate Ethical Governance & Accountabililty

Section: Chapter Questions

Problem 16.9EC

See similar textbooks

Related questions

Q: What options are available to group auditors when component auditors are involved in theexamination…

A: Group Auditors: A team of auditors engaged in the audit of consolidated financial statement of an…

Q: why would an auditor ensure that all revenue-related disclosures are made in the financial…

A: Explanation of disclosures Disclosures refer to that piece of information that includes figures,…

Q: Which of the following topics is not addressed in the auditors’ report for a public entity?a.…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

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: Describe the parts of thestandard unqualified audit reportfor non-public entities underAICPA…

A: Definition: Auditor: An auditor is an accounting professional hired by a company to review the…

Q: Which of the following is the most important responsibility of the external auditor? a. To ensure…

A: An external auditor is a person outside the organization, who performs the audit, review of…

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: Identify the four major sections of the auditors’ standard (unmodified) report for a nonpublic…

A: A standard or unmodified opinion is a conclusion in which presented about an entity's financial…

Q: Which is not a purpose of the IASB’s Conceptual Framework? -To assist auditors in forming an…

A: Which is not a purpose of the IASB’s Conceptual Framework::::: To assist preparers to develop…

Q: Which of the following principles is most closely associated with the auditors’ conclusion as to the…

A: The financial reports (statements) of the audit report shall be formulated using appropriate…

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

Q: TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is…

A: Solution Concept Internal control Internal control is the process laid down by the…

Q: which of the following in not related to standards of reporting Select one: a. The report shall…

A: Report is a statement that is prepared by the auditor of the financial information. It includes the…

Q: Which of the following is least likely to be appropriate as the basis for determining the…

A: Assets Assets are the resources of the business by using which the business is able to generate…

Q: Which of the following is not a part of the role of internal auditors? a. Assisting the external…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

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: If a nonissuer wants an accountant to perform an examination of its internal controls, the…

Q: Which of the following is not considered to be part of the audit evidence? Auditor information…

A: This question explains about auditor information gleaned from stock exchanges Accounting records…

Q: Which of the following type of auditors provides an opinion on the truthfulness and fairness of the…

A: Introduction: Auditing: Auditing means examining the financial reports, internal process scrutiny ,…

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: Auditors performing audits under the Single Audit Act issue an opinion on whether the Schedule of…

A: The term "auditing" normally refers to an objective review and evaluation of a company's financial…

Q: Which of the following information is not shown in the opinion paragraph A. The accounting policies…

A: This questiontion is answered as per international standards on auditing

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements include the Income Statement, Balance Sheet, Statement of Cash flows, and…

Q: Which of the following matters relating to an entity’s operations would an auditor most likely…

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

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements are the reports prepared to help the stakeholders to analyze the financial and…

Q: Which of the following is not included in the standard (unmodified) report on the…

A: The purpose behind Auditor's report on the fiscal summary is to give an assessment that whether the…

Q: Which of the following combinations of standards and types of audits are most closelyrelated to the…

Q: Describe situations in which the auditors’ report on internal control over financial reporting would…

Q: "Key audit matters are those matters that, in our professional judgment, were of most significance…

A: "Key audit matters are those matters that, in our professional judgment, were of most significance…

Q: Which of the following audit objectives is to validate the assertion of presentation and disclosure?…

A: The income statement includes the revenues and expenses for the company. Whereas, balance sheet…

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: Which of the following information would be included in the introductory paragraph of the auditors’…

Q: Write a sample auditors’ report showing stating unqualified audit opinion.

A: Auditors report is the document prepared by the auditor after the completion of audit procedure and…

Q: The audit is subjected to the guidelines provided under the International Standards on Auditing.…

A: An auditor is a person responsible for auditing the financial statements of the company. In order to…

Q: How is the auditors’ responsibility for expressing the opinion on financial statements disclosed in…

Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws…

A: An auditor is a person who has been appointed by the board of directors to provide shareholders with…

Q: The auditors include an emphasis-of-matter paragraph in an otherwise unmodified report on the…

A: Emphasis of matter paragraph is involved in the report of auditor as well as refers to matter which…

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: Using the concept of justice, evaluate how an auditor would assess the equality of interests in the…

Q: List of matters normally communicated to those charged with governance includes: a) The overall…

A: a) The overall approach and scope of the audit, including any limitations on the scope of the audit.…

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: Which of the following statements about the auditor's responsibilities in public company audits is…

A: PCAOB is public companies accounting oversight board. The board oversees the auditing of public…

Q: When component auditors are involved in the audit of group financial statements, the group auditors…

A: An independent auditor engaged in the audit of financial statement of a component, division or a…

Q: Accdg. to PAS , related party disclosures are necessary * to indicate the possibility that an…

A: Under the disclosure of related party, it requires disclosure of all the material in relation to the…

Question

In which of the following circumstances does not require
auditors to modify the content of the standard report on the
entity's financial statements?
The auditors reference component auditors
O who examined a subsidiary of group financial
statements.

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

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

Which of the following statements is not true with respect to the auditors’ report on internalcontrol over financial reporting?a. The report will be dated as of the date of the financial statements.b. The report will express an opinion on the effectiveness of internal control over financialreporting.c. The auditor will issue an adverse opinion if one or more material weaknesses exist.d. The report may be presented with the report on the entity’s financial statements as a combined report.
Which of the following is not included in the standard (unmodified) report on the financialstatements?a. An identification of the financial statements that were audited.b. A general description of an audit.c. An opinion that the financial statements present financial position in accordance withGAAP.d. An emphasis-of-matter paragraph commenting on the effect of economic conditions onthe entity
Which of the following topics is not addressed in the auditors’ report for a public entity?a. Responsibilities of the auditor and management in the financial reporting process.b. Absolute assurance regarding the fairness of the entity’s financial statements in accordance with GAAP.c. A description of an audit engagement.d. A summary of the auditors’ opinion on the effectiveness of the entity’s internal controlover financial reporting.
Which of the following information would be included in the introductory paragraph of the auditors’ report on internal control over financial reporting if the report is presented separately from the auditors’ report on the entity’s financial statements?a. The fact that the auditors conducted an audit of the entity’s financial statements.b. The definition of a material weakness in internal control over financial reporting.c. Statements identifying the responsibility of the auditors and management for internal control over financial reporting.d. A reference to the auditors’ report and opinion on the entity’s financial statements.
The auditors include an emphasis-of-matter paragraph in an otherwise unmodified report on the entity's financial statements to emphasize that the entity being reported on had significant transactions with related parties. The inclusifis considered a qualification of the opinion.on of this separate paragraph