What are auditors’ responsibilities for subsequently discovered facts if these are identified (a)prior to the audit report release date and (b) following the audit report release date?

Q: Prior to the auditor conducting an audit there are stages which need to be followed. What are these…

A: There are many phases ,which go through many process to complete the work of Audit. After receiving…

Q: Define materiality as it is used in audit reporting. What conditions will affect the auditor’s…

A: IAS 320 Materiality in planning and performing an audit, describes the omission or misstatement that…

Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…

A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…

Q: hat does the standard audit report indicate about the audit's scope and the financial statement…

A: Introduction: The financial statements present an entity's financial position, results of…

Q: What procedures do auditors perform to identify subsequent events?

A: Subsequent Event: Subsequent events refer to those events that take place after the preparation of…

Q: Explain the responsibilities of an auditor in relation to subsequent events.

A: Subsequent events   Events that occur after the date of financial statements and before the date of…

Q: What should an auditor do prior to accepting an audit engagement?

A:

Q: In the auditor's current audit documentation files, what is regarded to be the most significant…

A: Right now, we're working on the following documents: The term "current files" refers to collecting…

Q: Directions: Please select the appropriate answer on the statement below; B - If the statement is…

A: Audit procedure is different types of steps that are followed by an auditor while conducting the…

Q: Audit Evidence means ___________ used by the auditor in arriving at the conclusions on which the…

A: Audit: It can be defined as the examination and inspection of the company’s financial statements.

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: 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: What are the requirements for referencing a Component Auditor in the Audit Report?

A: Definition:   Component auditor: The component auditor performs the audit of the component of the…

Q: What is the auditors’ reporting responsibility for (a) other information accompanying the…

A: Auditors' main responsibility is to express an opinion on the financial statements of an entity that…

Q: Meaning and difference between the permanent audit file and the current audit file?

A: Permanent audit files: Permanent audit files are the records that are used to preserve the documents…

Q: Describe the financial statement's aims and purposes, and explain how the auditor intends to verify…

A: This question dells with  the financial statement's aims and purposes, and explain how the auditor…

Q: What shall the auditor do when he identified any matter that, although appropriately presented or…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: In the context of financial reporting, define the idea of materiality. What is the difference…

A: Financial Statement Importance:- In financial statements, materiality refers to the effect of…

Q: When can controls tested by an auditor in a prior year be used in the current year's audit…

A: Internal controls provides reasonable assurance that material misstatements will be prevented,…

Q: What is considered the most important content of the auditor’s current audit documentation files?

A: The audit staff working on the engagement prepare an audit scheme according to the audit procedures…

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: Explain the purpose of an audit and describe the content of the audit report.

A: The purpose of audit refers is basically to provide examination of financial statements, increasing…

Q: In which of the following paragraphs of an auditor's report for a nonissuer does an auditor…

A: An auditor’s report is that document which is presented by the auditor for the company quarterly,…

Q: Which of the following is not a content of current audit file? Copies of communication with experts…

A: The content of the current audit file: Copies of communication with experts or other auditors…

Q: o obtain an independent audit and what is the purpose of the Audit Report?

A: Introduction to Independent audit : An independent audit is an audit that is conducted for the…

Q: Required: For each of the above events, state the appropriate action (if any) that the auditor would…

A:

Q: What is the purpose of the auditors’ opinion and report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…

Q: When the auditor uses supporting evidence for amounts posted to account balances with documentary…

A: The term "audit" refers to the process of determining the information's trustworthiness and…

Q: An audit plan containsa. Specifications of audit standards relevant to the financial statements…

A: Answer: b. Specifications of procedures the auditors believe appropriate for the financial…

Q: Which of the following aspects are required to be included in the basis for opinion section in the…

A: Auditor Opinion The foremost responsibility of an Auditor to his client to express the opinion…

Q: Do auditors have an obligation to report on (a) audited financial statements and (b) any additional…

A: This question tells abut audited financial statements and additional information required by law

Q: Do you know what the auditor's current audit documentation files contain?

A: This question dells with  the auditor's current audit documentation files contain

Q: Which of the following should not be considered at the planning phase of the audit? a.…

A: Please see the next step for the solution

Q: identify the basic types of audit reports other than the standard unqualified audit report and…

A: The basic types of audit reports other than standard unqualified audit report are as follows:…

Q: Why is the selection of the auditors at the right time critical to the success of a financial…

A: Auditor: He is a person appointed by the government who investigates the finances of a company. In…

Q: What should occur if the audit report has already been issued and the auditor becomes aware of a…

A: According to IAS 10, Subsequent events are the events that occur after the financial statement dates…

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: To whom is the auditors’ report addressed?

A: The financial statement of a company is examined by an independent auditor with regard to their…

Q: What are some of the similarities and differences between evidence in a legal case and evidence…

A: Disclaimer: “Since you have asked multiple questions, we will solve the first question for you. If…

Q: How does a very material GAAP issue affect the Audit Report?

A: Audit opinions are the opinions given by the auditor about the financial statements. There are…

Q: The statement that the auditor believes that the audit evidence obtained is sufficient and…

A: Audit is the process of examining and verifying financial statements that whether financial…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.