The auditor's reason for resignation should be disclosed through:

Q: The auditor prepares the financial statements for DecoPaints SAOG while also serving as the auditor…

A: Audit is the review and examination of books of account and financial information of the business in…

Q: Accoring to the AICPA Code of Professional Conduct, which of the following activities result in an…

A: All the AICPA members are obligated to follow all the norms of the code of professional conduct. It…

Q: select a corporate scandal of your choice and accordiing to Professional Code of Conduct given by…

A: The answer is stated below:

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Answer: Threats to independence occurs when there is audit in any company. There are various types…

Q: Under the Private Securities Litigation Reform Act (the Act), independent auditors are required to…

A: Private Securities Litigation Reform Act: Private Securities Litigation Reform Act is passed by US…

Q: If the auditor found misstatements in financial statements resulting from fraud, the auditor…

A: As per Auditors responsibilities to consider the fraud in an audit of financial Statements.  If The…

Q: Which of the following statements reflects an auditor’s responsibility for detectingfraud?(1) An…

A: Fraud in accounting means manipulation or modification of financial statements so that a false…

Q: While performing your audit of Williams Paper Company, you discover evidence that indicates that…

A: Going Concern: A going concern is a word used in accounting to describe a corporation that has 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: When an auditor concludes that there is a significant doubt on the entity's ability to continue as a…

A: Going Concern basis: An entity prepares financial statements on a going concern basis ,that is it is…

Q: If the auditor is auditing a public company in the United States and must report on internal…

A: Adverse Opinion: When an auditor provides an "Adverse Opinion," it indicates that a company's…

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: Which of the factors below is NOT one of the purposes of the audit report? A. Indicate any scope…

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

Q: action which can be taken by SAICA against the external auditor if he/she applied negligence in…

A: The action that can be taken by SAICA ( South African Institute of Chartered Accountants) against…

Q: Auditors are important because they are able to provide assurance of an organization's financial…

A: Self-review threats:- This threat may occur when a previous judgment needs to be re-evaluated by the…

Q: hich of the following is most likely to be included in a public company financial statement audit…

A: Audit report is a written document which is written by the auditor. An auditor is an independent…

Q: The main purpose of the auditor's consideration of internal control for a non-SEC client is to A.…

A: Audit of internal control is conducted by auditors to assess its efficiency and effectiveness and…

Q: Why is it important for auditors to consider the possibility of fraud by employees or management on…

A: There is a possibility of the occurrence of fraud by the employees or management of the company.…

Q: Can audit managers on the audit engagement team, who are also attorneys admitted to the statebar,…

A: Given: The product liability defects assist the defense of lawsuit against an audit client by the…

Q: Auditors must consider the possibility of fraud by employees or management on every audit…

A: Fraud: When someone intentionally uses false or misleading information in an effort to fraudulently…

Q: Choose the correct. Which of the following is not correct with regard to the Public Company…

A: All public accounting companies should register under public company accounting oversight board. The…

Q: An auditor would issue an adverse opinion if: * The audit was begun by other O independent auditors…

A: An audit opinion refers to the statement given by the auditors on the financial statements of an…

Q: Which of the following is least likely to be required on an audit?    Evaluate the business…

A: Which of the following is least likely to be required on an audit?    1. Evaluate the business…

Q: When employees have a conflict of interest between their personal compensation and provision of…

A: Management and owners of a company are different. Management is compensated in order to run the…

Q: The auditor’s primary consideration is whether, and how, internal control prevents, or detects and…

A: Auditors are appointed to audit the financial statements of the company to check whether the…

Q: A number of cases have considered the auditor’s liability in relation to persons other than the…

A: Generally, it is considered that the auditor's liability in relation to person other than the…

Q: Under common law, which of the following statements most accurately reflects the liability of a CPA…

A: The liability of a CPA who fraudulently gives an opinion on an audit of a client's financial…

Q: Give an explanation of the legal foundation for suing a CPA. What defenses does the auditor have to…

A: Since auditors are responsible for ensuring that financial statements are honest and fair, they must…

Q: Which of the following rules regarding convening of general meeting for resignation of auditor will…

A: The auditor may resign from the post without holding any general meeting but in the next general…

Q: The following pertains to auditor legal liability standards under the PSLRA:a. The Reform Act…

A:

Q: The auditors who find that the client has committed an illegal act would be most likely to withdraw…

A: Auditors are the professionals who are involved in the scrutiny of the financial reports and…

Q: Which of the following factors most likely would cause a CPA not to accept a new audit engagement?…

A: The audit engagement conducted by the CPA are accepted while considering various norms related…

Q: Prior to the acceptance of an audit engagement with a client who has terminated the services of the…

A: The question is related to AU Section 315 Communications between predecessor and Successor Auditors.…

Q: Discuss how each of the following could affect independence of mind and independence in appearance,…

A:

Q: Discuss and accounting firms responsibilities when it is retained to issue such a report.

A: When an accounting firm is engaged to provide an objective report on proper accounting treatment in…

Q: Define the obligations of auditors in the event that a client fails to comply with applicable laws…

A: Report of the auditor: An auditor's report is a formal document created by an auditor. The auditor…

Q: What consulting or nonaudit services are prohibited for auditors of public companies? What other…

A: Some non audit services are prohibited for the auditors of public companies. These consulting or non…

Q: Some auditors claim that increased exposure under creates a litigation environment that is unfairly…

A:

Q: Statement: "In the context of audit, the concept of true and fair is defined in the Commercial…

A: The concept of true and fair has not been defined under nay statute or any law or any case law. The…

Q: Which of the following statements is not true with respect to written representations?a. The failure…

A: Introduction: Written representations are acquired by the auditors from the management in the form…

Q: Which one of the following is NOT a duty of the auditor? Duty to report on any violation of law Duty…

A: The duties of an Audi have been laid down by the companies Act , 2013, providedd in section 143.

Q: Explain the legal basis for a cause of action against an auditor. What are the defenses available to…

A: Step 1 Auditors should report true and fairly which enhance the reliability of financial statements…