The auditor's obligations with regard to "going concern assumptions" are not well defined

Q: Auditors are not responsible for accounting estimates with respect toa. Making the estimates.b.…

A: Select the accounting policies and accounting estimates is the responsibility of the management to .…

Q: Discuss various type  of opinion is issued by the auditorr if he or she is unable to determine the…

A: Introduction: Auditing is the process of recognizing, verifying, and continue to study all…

Q: The auditor is not expected to, and cannot, reduce audit risk to zero and cannot therefore obtain…

A: Auditing is described as the on-site verification activity of a process or quality systems, such as…

Q: Which one of the following opinion will be issued by the auditor, if the misstatement in the…

A: Types of Auditor's Opinion : There are the four types of Auditor's opinion    Disclaimer : If the…

Q: In which one of the following circumstances is the improper description of accounting policies and…

A: A error or misstatement in a financial statement is said to be material if it can affect the…

Q: An adverse opinion is most likely to be included in an audit report when   Multiple Choice   A…

A: There are 4 types of audit opinions.  1.unqualified  2.Qualified 3.Disclaimer 4.Adverse opinion

Q: If the auditor concludes that financial statements are not free from material misstatements and the…

A: Auditing refers to the art of inspecting and investigating financial accounts of a company. It is…

Q: It's not clear why pre-numbering the reports received is essential. How may an auditor verify a…

A: Dialogue Systems are used in natural language processing to do the following: Dialogue systems are…

Q: Why is it necessary to pre-number reports received? In what way might an auditor examine a claim…

A: For natural language processing, the use of Dialogue Systems :

Q: Why do auditors use the words "present fairly

A: Present Fairly Present fairly is a term used inside the text of an audit report back to indicate…

Q: What are the fundamental requirements that must be completed before auditors may produce an…

A: The following is the definition of an unqualified audit opinion: An audit opinion is a verification…

Q: What factors should the auditor take into consideration before concluding that a financial statement…

A: Financial statements should give crucial information to any interested user of financial data so…

Q: Explain why the auditor can be persuaded only with a reasonable level of assurance, rather than…

A: Auditor refers to the person who analyzes a company's financial statements by using evidence…

Q: f in the auditor’s judgment, management’s use of the going concern basis of accounting in the…

A: Under going concern concept, entity's financial statements are prepared on the assumption that the…

Q: It is not necessary for the confidentiality provisions of relevant ethical requirements that apply…

A: Auditor is the professional who examines the financial statements and reports of the entity and give…

Q: Users of financial statements have a different perception concerning the nature of auditors’services…

A: Users of financial statements have a different perception concerning the nature of auditors’services…

Q: External auditors cannot delegate responsibility for audit decisions to the internal auditors. *…

A: External auditors are not supposed to delegate authority to the internal auditors in respect of…

Q: materiality

A: The first statement is true because the transactions of personal capacity affect the business entity…

Q: In an auditor's report the absence of any reference to a material uncertainty about the entity’s…

A: Going concern means the assumption of the entity that it will go on and would be able to pay off its…

Q: What type of opinion is issued by the auditorr if he or she is unable to determine the overall…

A: Introduction: The act of examining, confirming, and analyzing all financial information and papers…

Q: What is meant by a “colorable claim”? Do you believe auditors should be liable for investor losses…

A: Legitimate claim of a person is known as Colorable claim. It can be asserted based on the current…

Q: How does the prudent person concept affect the liability of the auditor?

A: Prudence is one of the accounting principle, which says that all anticipated losses should be…

Q: Which of the following situations will not result in modification of the auditor's report because of…

A: The scope limitation is the restrictions in the audit which is caused by the client or issues that…

Q: If the audit report states that the financial statement is not free from material misstatements , it…

A: Audit is the examination and verification of financial statement for the particular period to…

Q: t assertions are provided to the auditor in the assertions letter, but are not disclosed on the…

A: Management Assertions are directly connected to the financial reporting framework adopted by the…

Q: discuss the type of opinion is issued by the auditorr if he or she is unable to determine the…

A: Introduction: Auditing is the process of verifying, validating, and continuously investigating all…

Q: In audit reporting, what does an unqualified opinion mean?

A: Answer are as follows

Q: What type of opinion is issued by the auditor if he or she is unable to determine the overall…

A: Introduction: The process of checking, validating, and conducting an investigation of all financial…

Q: What do auditors consider when determining the extent to which the internal auditors’ work will…

A: Risk of Material Misstatement: Material misstatement risk is the possibility that an organization's…

Q: Why is the risk that the auditor might make a mistake in expressing a modified opinion on financial…

A: Auditing: Auditing can be defined as a process of evaluating the accuracy of the information…

Q: Which of the following statements about materiality is considered true? a. Materiality is judged by…

A: Materiality means the items which is important while studying the financial statement and which is…

Q: The auditor provides no assuran

A: Audit evidence is the collection of documents, proofs, information, data, and facts and figures. It…

Q: What tyype of opinion is issued by the auditor if he or she is unable to determine the overall…

A: Introduction: In an audit report, an auditor's opinion is conveyed. An initial portion of the audit…

Q: What happens when the auditor cannot issue the standard unqualified/unmodified audit report?

A: Auditor can issue standard unqualified/unmodified audit report if he satisfy that financial…

Q: When financial statements are affected by a material departure from generally accepted accounting…

A: Generally Accepted Accounting principles: GAAP is  issued by the Financial Accounting Standards…

Q: In the auditor's judgement, management's use of going concerm basis of accounting is appropriate,…

A: As per standards on auditing , If the adequate disclosure is not made in the financial statement…

Q: What basic conditions must be met before auditors can issue an unqualified report.

A: Meaning of Unqualified Audit Opinion An audit opinion is a verification that accompanies financial…

Q: ethical or unethical) on the following computations of the auditor's fee:

A: [Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: financial statements are not achieve fair presentation, Auditor shall perform:

A: Option 2 is wrong because discussion with the Management is not an option for auditor to act.…

Q: How does a qualified opinion by an auditor differ from an unqualified opinion or an adverse opinion?

A: A qualified opinion is a statement which is issued in the auditor’s report along with the financial…