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- Which of the following is most likely not an objective of financial statements? A. None of the above B. To provide information about the users of an entity’s financial statements. C.To provide information about the performance of an entity. D. To provide information about the financial position of an entity..Which of the following is not a required item to be communicated by the auditor tothe audit committee or others charged with governance?(1) Information about the auditor’s responsibility in an audit of financial statements.(2) Information about the overall scope and timing of the audit.(3) Recommendations for improving the client’s business.(4) Significant findings arising from the audit.Which of the following statements are True about auditors responsibilities to the financial statements? a)To evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by management. b) To evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that achieves fair presentation. c)The independent auditor must exercise his professional judgment and maintains professional skepticism (doubt regarding truth of something) throughout the planning and performance of the audit. d) An auditor conducting an audit in accordance with IFAC is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. Only a) and d) All the a) , b) , c) and d) Only a) , b) and…
- Which of the following statements is true? [S1] In a strong form efficient market, there is no mispriced assets. [S2] In a strong form efficient market, all information is equally available to all investors. a. Statement 2 only. b. Neither of Statement 1 nor 2. c. Both statements 1 and 2. d. Statement 1 only.Which of the following is not referred to in the management’s responsibility paragraph? a. Design, implementation and maintenance of internal control relevant to the preparation and fair presentation of financial statements b. Selection and application of appropriate accounting policies c. Effectiveness and efficiency of operating decisions d. Making of reasonable accounting estimatesDiscuss the essential elements of a good audit document. a) Sufficient b) Relevant c) Reliable
- The preliminary stage consists of what is termed the engagement activity. It is the stage where the auditor decides to accept or not accept an audit engagement. Hence, it takes place before an audit engagement is accepted. Some of the activities of an auditor at this stage are inclusive of establishing an understanding of the terms of the engagement, checking for their client’s compliance with ethical requirements relating to the engagement, checking for their client’s integrity, determine whether the client can be appropriately serviced and performing procedures to determine whether the client or the audit firm wishes to establish or continue the audit relationship. QUESTION 3 You are required to discuss the steps, which are involved in the preliminary stage of the audit process.Required: a. Prepare a multiple-step income statement for the year ended December 31, 20Y5, concluding with earnings per share. In computing earnings per share, assume that the average number of common shares outstanding was 100,000 and preferred dividends were $100,000. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. “Less” or “ Add will automatically appear if it is required. Enter amounts as positive numbers unless the amount is a calculation that results in a negative amount. For example: Net loss should be negative. Expenses should be positive. (Round earnings per share to the nearest cent.) b. Prepare a retained earnings statement for the year ended December 31, 20Y5. Be sure to complete the statement heading. Refer to the account names in the instructions and the lists of Labels and Amount Descriptions for the exact wording of text entries. If…Independent auditing can best be described as(1) a branch of accounting.(2) a discipline that attests to the results of accounting and other functional operationsand data.(3) a professional activity that measures and communicates financial and business data.(4) a regulatory function that prevents the issuance of improper financial information.
- What is the meaning of the auditing standard that requires the auditor be independent?(1) The auditor must be without bias with respect to the client under audit.(2) The auditor must adopt a critical attitude during the audit.(3) The auditor’s sole obligation is to third parties.(4) The auditor may have a direct ownership interest in the client’s business if it isnot material.Which of the following are not the rights of the auditors? a) The right to all information and explanations (from management) necessary for the proper conduct of the audit. b) The right to receive notice of all meetings of the directors and to attend those meetings. c) The right to speak at shareholders’ meetings on matters affecting the Management. d) The right to visit the branches of the client and right to access all accounting books and records. e) The right to examine and evaluate financial and information systems, recommending controls to ensure system reliability and data integrity f) The right to review data about material assets, net worth, liabilities, capital stock, surplus, income and expenditures Only d) , e) and f) All a) , b) , c) , d) and e) Only b) and c) Only bOne of the principles of Management Reporting is, report should be self contained. Explain this principle