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

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

Contemporary Auditing

11th Edition

ISBN:9781337650380

Author:KNAPP

Publisher:KNAPP

Chapter1: Comprehensive Cases

Section1.6: Le-nature’s Inc.

Problem 6Q

See similar textbooks

Related questions

Q: R. Wolfe became the new auditor for Royal Corporation, succeeding C. Mason, whoaudited the financial…

A: R. Wolfe became the new auditor for Royal Corporation, succeeding C. Mason, whoaudited the financial…

Q: The company being audited has an internal auditor who is both competent and objective.The…

A: Answer: Option b.

Q: Select the necessary words from the list of possibilities to complete the following statements:…

A: Answer - 1. If the auditors have examined the prior year's financial statements presented for…

Q: Which of the following best describes the operational audit? Select one: a. It requires the constant…

A: Operational audit is the examination and verification of all the operations of the business…

Q: Mr. Salim has appointed as an auditor of Shinas Mart LLC. At the end of the audit, he maintains…

A: Audit Document: Audit document are the working papers of the auditor. Auditor is the owner of Audit…

Q: The date of the CPA’s opinion on the financial statements of the client should be the date of the:…

A: Certified Public Accountant (CPA): CPA is the accountant who is certified and licensed to examine…

Q: shareholders at the annual general meeting. A registered company auditor must be: Select one: a.…

A: a registered company Auditor in Australia it is important to hold a prescribed accounting territory…

Q: Deloitte , a big audit firm was established in Oman in the early 1970s. As an external auditor ,…

A: As per Rights given to the external auditor the external auditor has a right to The right of access…

Q: Audit quality has been in the hot seat in recent times as the registered company auditors had not…

A: To maintain, regulate, and improve the standards of accounting and auditing and to look after the…

Q: Which part of an annual report is audited by external auditors or independent auditors? Select one:…

A: The auditor is a personal who analyses the documents and inspect them for any error and provide any…

Q: auditors’ judgement that the loan receivable is impaired and should be written down. Management of…

A: Subsequent events are those significant events which occurs after the reporting period and requires…

Q: (a) What are the key audit matters? How do these affect the format of the audit report?

A: Since you have asked multiple question, we will solve the first question for you. If you want any…

Q: The accountant's report that expresses an opinion on an entity's internal controls would not include…

A: The auditor's report on the audit of internal control over financial reporting includes the…

Q: Khalid has appointed as an auditor of Gulf Trading Company. Which of the following is the general…

A: In terms of audit-proof reliability, ISA 500 lays out a variety of generalization, including the…

Q: Which of the following statements is true of auditing?

A: Auditing is basically defined as the examination of the financial activities taken place and to…

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: A suggested format for the written representation has been sent by the auditors to the directors of…

A: As per ISA 580 “Management Representations”, obtaining written representations from the management…

Q: The Code of professional Conduct, independence rule, does not consider which of the…

A: Title 2 of Sarbanes-Oxley Act covers the standards set by the act pertaining to auditors…

Q: not true about an audit report for an issuer

A: First option is wrong because the statement is true. The audit report of an issuer company describes…

Q: The preparation of audit documentation is an integral part of an auditor’s examination of financial…

A: Audit Documentation: Audit documentation is a written record that discloses the conclusions of…

Q: n. The audit engagement letter is sometimes initiated by the auditor. o. Predecessor auditors can…

A: Audit Engagement Letter Audit engagement letter documents the scope and objective of the audit and…

Q: Who is responsible for preparing financial statements? Discuss the responsibility and functions of…

A: The data found on the fiscal summaries of an association is the establishment of corporate…

Q: When an auditor-client conflict arises during an audit engagement, the client and/or the current…

A: Introduction : After being recruited to produce an impartial report on correct accounting treatment…

Q: You are the partner responsible for the audit of ABC Co, for the year ended 30th April, 2014. The…

A: Emphasis of Matter passage – A section remembered for the reviewer's report that alludes to an issue…

Q: a)What are key audit matters? How do these affect the format of the audit report?

A: “Hey, since there are multiple questions posted, we will answer first three questions. If you want…

Q: Find more about the audit requirements in Oman, including which companies/organizations are required…

A: The following are the prerequisites for an audit: The Companies Act outlines the types of businesses…

Q: Whilst auditing the Long-Term Investments account of Brownllow Medal Ltd., the auditor has been…

A: Disclaimer of Opinion is issued when the auditor is unable to obtain sufficient and appropriate…

Q: he internal audit director received an annual bonus as part of that individual’s compensation…

A: The internal audit activity must be independent, and internal auditors must be objective in…

Q: The audit reporting requirements for comparatives discuss the following I. Prior period financial…

A: The audit reporting requirements for comparatives discuss the following: 1. If the prior financial…

Q: When accountants agree to perform a compilation or review of unaudited financial statements, the…

A: When accountants agree to perform a compilation or review of unaudited financial statements, the…

Q: What examples can be explained as the type of technical training and proficiency auditors must have…

A: The auditor must have adequate technical training and proficiency to perform the audit. the…

Q: Bill Novak is working on an audit of an IFRS client. In his review of the client’s interim reports,…

Q: statement would appear in the: a. Engagement letter.

A: The right answer is option c. Management representation letter.

Q: Assume that an auditor makes an agreement with a client that the audit fee will be contingent upon…

A: Audit: It is a systematic examination of books of accounts of an individual or a firm. It is done by…

Q: Which of the following does NOT explain the distinction between financial statements and management…

A: SOLUTION DIFFERENCE BETWEEN FINANCIAL ACCOUNTING AND MANAGERIAL ACCOUNTING . BASIS FINANCIAL…

Q: When should the final report from an external auditor be issued? After interim reports During the…

A: Introduction: An external auditor is a public accountant who does audits, reviews, and other…

Q: Which of the following is true of the Audit Committee? O It is composed of a group of stockholders.…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : Audit…

Q: Consider the following statements: I. For an audit of a non-public company a issue involving…

A: The audit is an independent examination of the financial statement of the company by the auditor to…

Q: functions of the audit working papers

A: (Note: Since you have posted a multi-part question, we will solve the first three parts for you. For…

Q: audit opinion that the auditor

A: A change in valuation method of property, plant and equipment is a change in accounting policy. Any…

Q: Which of the following must be done If a resolution has been passed to remove the auditor ? i.…

A: the role of an auditor is to review the annual or the current financial statements of the company…

Q: When financial statements are presented in comparative form and another firm audited the prior…

A: Audit Report: An audit report refers to a written report issued by an auditor to express an opinion…

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 is NOT a reason the auditor performs some substantive procedures at an…

A: solution interim audit An auditor may choose to perform the audit before the end of…

Q: What are key audit matters? How do these affect the format of the audit report?

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

Q: Which of the following is not correct with regard to the Public Company Accounting Oversight…

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

Question

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

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

The external auditor of a company has certain requirements due to Sarbanes-Oxley. Which of the following best describes these requirements? A. The auditor is required to only report weaknesses in the internal control design of the company he or she is auditing. B. The auditor must issue an internal control report on the evaluation of internal controls overseen by the Public Company Accounting Oversight Board C. The auditor in charge can serve for a period of only two years. D. The Public Company Accounting Oversight Board reviews reports submitted by the auditors when no evaluations have been performed.
Which of the following is true with respect to PCAOB inspections of accounting firms?a. All firms performing audits of public companies are required to have annual inspectionsconducted by the PCAOB.b. PCAOB inspections review a sample of audits conducted by firms as well as the firm’ssystems of quality control.c. All results of PCAOB inspections are made available to the public following the inspection.d. Firms performing audits of 100 or fewer public entities may elect to have a peer reviewconducted through the AICPA in lieu of a PCAOB inspection.
which of the following is most likely to be included in a public company financial statement audit report? Adverse opinion. The name of the engagement partner. The audit was performed in accordance with generally accepted auditing standards. The year the auditor began serving the company
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.
Statutory auditor, during the regular audit, from incoming company A to draft letters that will be addressed to customers with a request that customers confirm by direct letter that they will send to the auditor the information stated in the letter to the door of the customers' account. , audited company A refused to compile and send them to its clients. In this case, what type of report will the regular auditor issue for the balance sheet audit?
Choose the correct. Which of the following is not correct with regard to the Public Company Accounting Oversight Board?a. The board can expel a registered auditing firm without SEC approval.b. All registered auditing firms must be inspected at least every three years.c. The board members must be appointed by Congress.d. The board has the authority to set auditing standards rather than utilize the work of the Auditing Standards Board.
Which of the following statements is true of auditing? Group of answer choices External audits tend to be more expensive than internal audits. External audits are handled by employees of the organization. Publicly held corporations are required by law to have internal audits regularly. All organizations are required to have a permanent internal auditing staff. Organizations contract with certified public accountants for external audits.