Which of the factors below is NOT one of the purposes of the audit report? A. Indicate any scope limitations in the audit examination B. Indicate unusual matters as going concern uncertainty for  the company. C. Indicate whether the financial statements  are in accordance with the financial standards framework. D. Indicate the effects of  occupational fraud.

Q: esponsibility of the auditor to detect material misstatements, including misappropriation of assets…

A: a) Reasonable assurance: the term reasonable assurance refers to the assurance level that the…

Q: Which of the following is not true a. Inherent risk and control risk are assessed by the auditor…

A: The question is multiple choice question  Required  Choose the Correct Option.

Q: Which of the following statements are true a) The auditor has a responsibility to plan and perform…

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

Q: b. A reply from a receivable confirmation letter received from the customer through the client is…

A: Confirmation letters are part of audit procedure and are sent to outside parties to confirm certain…

Q: For each of the following situations, describe how the auditors’ report on internal control over…

A: a.

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 is correct about unmodified audit opinion? O a. Opinion issued once auditors…

A: Auditing: The process of examining the accuracy of the information reported in the books of accounts…

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: Which of the following statements is not true with respect to the performance principle?a. Auditors…

A: Answer:   Option a.

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: What is the appropriate nature of opinion when the auditor having obtained sufficient appropriate…

A: The auditor will express an Adverse opinion when the auditor obtains all the necessary proofs and…

Q: Which of the following substantive procedures would auditors most likely perform to obtain evidence…

A: Answer:   Option b

Q: Which of the following opinions would be issued if auditors believed that the entity’s financial…

A: The audit report offers a summary for a given fiscal year of a company's financial performance.

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: If the auditor performing an integrated audit identifies one or more material weaknesses in a…

A: Material weakness is defined as a deficiency or the combination of deficiencies in the company…

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: Which of the following statements is correct with regards to the auditor's responsibility concerning…

A: The answer is option (c)  [ The auditor is responsible for obtaining reasonable assurance that the…

Q: The PCAOB issues audit practice alerts to highlight new, emerging, or otherwise noteworthy…

A: The on-site verification activity of a process or quality system, such as inspection or examination,…

Q: Which of the  factors below does not have to be  considered by the auditor in determining the Key…

A: Key audit matters (KAM) are the significant matter which was found during the audit of the financial…

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: is always a good idea for auditors to begin an audit with the professional skepticism characterized…

A: Audit: It is an independent examination of books of account of the company to represent a true and…

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: Which of these statements is/are correct? | If an auditor had the required knowledge and…

A: Audit means checking of financial statements of a company.

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: The responsibility for preparation and presentation of financial statements is the responsibility of…

Q: An independent auditor has the responsibility to design the audit to providereasonable assurance of…

A: The independent auditor’s plays a vital role regarding the internal controls of a public company.…

Q: In a financial statement audit, inherent risk represents a. The risk that misstatements could occur…

A: In financial and managerial accounting, Inherent risk is that the risk expose by a slip-up or…

Q: If the auditor believes that a misstatement is or might be intentional and the effect on the…

A: An auditor’s foremost job is to analyze whether the financial statement of the entity has any…

Q: With respect to fraudulent financial reporting, which one of the following statements is not…

A: Auditor can obtain reasonable assurance only, not an absolute assurance.

Q: If the auditor plans to assess control risk at less than the maximum and rely on controls, and the…

A:

Q: Which of the following statements is/are correct? O a. The ban on simultaneously offering consulting…

A: Auditing- Auditing the words seems like it is a principle-oriented subject but is one of the…

Q: Which of the following best describes the reason why an independent auditorreports on financial…

A: Auditing is a systematic process of analyzing, verifying, and quantifying any given information. It…

Q: When asked to perform an audit to express an opinion on one or more specified elements,accounts, or…

A: Auditing procedures are used to determine the fairness and authenticity of the financial records…

Q: Which of the following statements is not a correct statement regarding audit evidence? Select one:…

A: Audit evidence Audit evidence can be defined as the evidence that a company obtains during the…

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

A: The answer for the theory question on Auditing is discussed hereunder :

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: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: As per ISA 200, The auditor's objectives are to obtain reasonable assurance about whether the…

Q: Discuss the concept of professional skepticism and its importance in audit.

A: Professional skepticism is defined as a questioning mindset, being aware of events that may signal a…

Q: The following are examples of circumstances that may indicate the possibility that the financial…

A: Audit is the process of checking and verifying financial statements of the business so that it can…

Q: The review of a company's financial statements by a CPA firm:   a. Is substantially less in scope of…

A: Company's financial statements includes statements like Income Statement, Balance Sheet which shows…

Q: Audit committees have an essential role to play in ensuring the integrity and transparency of…

A: Answer: (d) Details of the procedures that the auditor intends to apply. The auditors should not be…

Q: Which of the following actions did the Treadway Commission recommend to reduce fraudulent financial…

A: Option (a) It recommends creating an organizational environment that helps the integrity of the…