What are the two requirements for the auditor to offer an unqualified opinion on internal financial reporting controls? What causes the auditor to offer a qualified or disclaimer opinion on internal control over financial reporting?

Q: What is an engagement to attest on internal control over financial reporting? (

A: Internal control seems to be a procedure formulated and constructed by those in command of…

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: What must external auditors do to use the work of internal auditors in the audit of an entity’s…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: auditor's role in ensuring that rules and regulations

A: 1) Auditor shall obtain understanding of:          (a) Legal and regulatory framework…

Q: How does an audit enhance the quality of financial statements and management’s reports on internal…

A: The requirement that corporations' financial accounts be audited by an impartial external auditor…

Q: If the auditors encounter a significant scope limitation in evaluating a public company’s internal…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: TRUE OR FALSE?

A: An unqualified opinion is an opinion given by an auditor after analyzing the financial statements of…

Q: Other matters to which the auditor may wish to refer in an Other Matter(s) paragraph but which are…

A: The Other Matter paragraph is the audit report is written to communicate all the necessary matters…

Q: ine the reasons why auditor independence is considered of fundamental importance for confidence in…

A: The independence of the auditor is referred to as auditor independence. It is distinguished by…

Q: If the company is subject to PCAOB obligations for communicating control shortcomings (AS 1305),…

A: SOLUTION-   COMMUNICATION ABOUT CONTROL SHORTCOMING- STANDARD O AUDITING OF 1305 DESCRIBES THE…

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 best describes why an independent auditor is asked to expressan opinion on…

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Q: If the auditor expresses an adverse or disclaimer of opinion on the complete set of…

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Q: It is the responsibility of the board of directors to: Ensure that the financial report is O…

A: The responsibilities of an auditor and the board of directors of a company differs with each others.…

Q: Which of the following statements is not true with respect to the  auditors' report on internal…

A: An audit report is crucial in order to determine the reliability of the financial reports of an…

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: Many people confuse the responsibilities of the independent auditors and the client's management…

A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: : When client-imposed restrictions significantly limit the scope of the audit, the auditor generally…

A: Solution: True, When client-imposed restrictions significantly limit the scope of the audit, the…

Q: The SEC requires the MD&A report as well as the audit attestation on management’s assessment of…

A: MD&A report means management discussion and analysis report. The MD&A report forms a part of…

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: Which of the following is NOT an example of externally generated evidence sent directly to the…

A: Audit evidence refers to data obtained by an auditor for arriving at his judgment while performing…

Q: External auditors are obviously responsible for the audit of the financials.  However what is their…

A: Audit definition -  The audit is an independent examination of financial information of an entity…

Q: What type of opinion(s) would the audit team issue on the effectiveness of internal control over…

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Q: If the auditors encounter a significant scope limitation in evaluating a public company's internal…

A: If the auditors encounter a significant scope limitation in evaluating a public company's internal…

Q: What are some specific transactions that an auditor would expect to be approved by the board of…

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

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Q: What type of opinion is issued by the auditor on the financial statements when there is some…

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

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

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Q: Which of the following is NOT a requirement in management’s report on the effectiveness of internal…

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Q: Does a qualified opinion on management’s assessment of internal controls over the financial…

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Q: d. When documenting their understanding of a client's internal controls, auditors are required to…

A: The books of accounts are required to be audited by the auditor so as to check whether the…

Q: Why is the timing of the auditors’ appointment an important matter in the conduct of a…

A: Consideration of the first standard of fieldwork recognizes that the early appointment of the…

Q: If the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

A: Thi the company is subject to PCAOB obligations involving notification of control shortcomings (AS…

Q: When accountants are not independent, which of the following reports can they nevertheless issue?a.…

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

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

A: Introduction: The act of recognizing, validating, and continuing to study all financial forms and…

Q: Explain the auditor’s responsibility to consider compliance with laws and regulations. How does this…

A: As per IAS 250, Consideration of laws and regulations in an audit of financial statement. Auditor is…

Q: What is the problem with an auditor overrelying on management’s representations on the financial…

A: Solution: Introduction: An auditor is a person or firm of auditor(s) who is a qualified and…