When should the final report from an external auditor be issued? After interim reports During the exit conference At the beginning of the auditing process After the auditor leaves the premise for the last time
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- At the closing meeting, a representative of the top management of the auditeeorganisation informs the auditor that they have now implemented a processto correct a serious nonconformity that the auditor found on the first day of atwo-day Stage 2 audit. The representative of top management proposes thatthe auditor examine the process during the meeting and then withdraw thenonconformity report. How should the auditor respond?The client has restated the prior-year statements because of a changefrom LIFO to FIFO. How should this be reflected in the auditor’s report?In connection with the planning phase of an audit engagement, which of the following statements is always correct? a. Final staffing decisions must be made prior to completion of the planning stage b. Observation of inventory count should be performed at year-end c. A portion of the audit of a continuing audit client can be performed at interim dates d. An engagement should not be accepted after the client’s financial year-end
- An adjusting event is one that: Select one alternative: occurs after reporting date and relates to impacts that will occur before the time of completion provides additional evidence of or information about conditions that existed at the reporting date provides additional evidence of or information about conditions that existed at the time of completion occurs before the auditor signed the audit reportDirections: Please select the appropriate answer on the statement below;B - If the statement is trueS - When the statement is false or part of the statement is false The audit report date is the last date when all audit procedures have been performedAs the audit associate, you were asked by the senior associate to check the completeness of confirmation letters. Upon your review, there is a supplier that has not yet given their reply. What alternative audit procedure would most likely be performed by the audit associate, assuming the audit is at its wrap-up stage? Group of answer choices A. Vouch subsequent payments B. Review the invoice register until audit report date C. Send another confirmation letter D. Perform analytical procedures
- asap F Identify the primary audit objectives that auditors hope to accomplish by confirming a client's year-end accounts receivable. Explain the difference between "positive" and "negative" confirmation requests and discuss the quality of audit evidence yielded by each.List A represents the types of opinions the auditor ordinarily would issue, and List B represents a portion of theneeded report modifications — whether an additional paragraph will be included. For each situation, select one(1) response from List A and one (1) from List B. Select the best answers for each item the action the auditorwould normally take. The types of opinions in List A and the report modifications in List B may be selected once,more than once, or not at all. Assume the following:• The auditor is independent.• The auditor previously expressed an unmodified opinion on the prior year’s financial statements.• Only single-year (not comparative) statements are presented for the current year.• The conditions for an unmodified opinion exist unless contradicted by the facts.• The conditions stated in the items to be answered are material, unless otherwise indicated.• Each item to be answered is independent of the others.• No report modifications are to be made except in response…When can controls tested by an auditor in a prior year be used in the current year's audit assessment?
- What are key audit matters? How do these affect the format of the audit report? b) Stewart Jones is reviewing the results of the subsequent events audit procedures. Stewart iswriting a report for his audit partner based on these results and will be attending a meetingtomorrow with the partner and representatives of the company to discuss them. The issue will bewhether the financial report should be amended, or additional notes included for thesesubsequent events.Many of the items are not material and Stewart will recommend that no action be taken withrespect to these. However, there are several items that Stewart believes are material and shouldbe discussed at the meeting. These are as follows.(a) The board is planning to issue shares in a private placement on 15 August. (b) The share issue is to fund the purchase of a 60 per cent stake in another company. Thenegotiations are in the final stages and although the contract is not yet signed it will be signedby 15 August. (c) A writ was…You are the training manager at Guava & Co., Chartered Accountants. Some trainees in the firm have requested you to clarify the following issues: a) Can the auditor discard any audit document, forming part of his opinion, after the issuance of the auditor’s report? b) The changes that can be incorporated during the final the assembly process citing three such examples. c) The circumstances under which it becomes necessary to modify the existing audit documents or add new audit documents after the issuance of the auditor’s report and the matters that should be documented in such a situation. Required: Offer appropriate explanations for each of the above issues.Which of the following is not valid for External Audit? It is conducted by the employees of the company The scope is decided by the statue External audit is conducted once in a year There is an obligation to conduct external Audit
