Which one of the following is NOT a duty of the auditor? Duty to report on any violation of law Duty to report to the members Duty to report to the company’s bankers Duty to sign the audit report

Q: Accoring to the AICPA Code of Professional Conduct, which of the following activities result in an…

A: All the AICPA members are obligated to follow all the norms of the code of professional conduct. It…

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: e internal auditors’ responsibiliti

A: Auditor's internal control Responsibilities is an audit of the effectiveness of internal control…

Q: The auditor's reason for resignation should be disclosed through:

A: While performing an audit of a public company, the auditors discovered material illegal acts and…

Q: Under the Private Securities Litigation Reform Act (the Act), independent auditors are required to…

A: Private Securities Litigation Reform Act: Private Securities Litigation Reform Act is passed by US…

Q: The auditor will issue un-qualified audit report with explanatory paragraph when: Select one: a. The…

A: Auditor need to verify whether the financial statement is giving a true and fair view of the…

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: When an auditor concludes that there is a significant doubt on the entity's ability to continue as a…

A: Going Concern basis: An entity prepares financial statements on a going concern basis ,that is it is…

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 statements best describes auditors’ responsibility for detecting a client’s…

A:

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: Which of the factors below is NOT one of the purposes of the audit report? A. Indicate any scope…

A: The management of the company is the main responsible for preparing the financial statements which…

Q: f it is necessary to amend other information in a document containing audited financial statements…

A: solution concept disclaimer of opinion                 It is issued when auditor is unable to…

Q: When a client’s financial statements contain a material departure from an FASB Statementon…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: The auditor has considerable responsibility for notifying users as to whether or not the statements…

A: Audit: It is the independent examination of books of accounts of the company with the motive to…

Q: The auditor shall express what kind of opinion when the auditor, having obtained sufficient…

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

Q: Which of the following are rights of auditors?      I.        To access all accounting books and…

A: The Companies Act confers extensive powers on the auditor. Since, he is the agent of the…

Q: Which of the following statements is incorrect? Modified opinion is a qualified opinion, an adverse…

A: As per Bartleby Guidelines, only the first question will be answered since they are independent of…

Q: When a contingency is resolved subsequent to the issuance of audited financial statements, which…

A: A contingency is a character or any rationally possible losses and any pledges, including highest…

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: s1: The concentration of the review of working papers done by the manager auditor and…

A: Answer: s1: The concentration of the review of working papers done by the manager auditor and…

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: Under common law, which of the following statements most accurately reflects the liability of a CPA…

A: The liability of a CPA who fraudulently gives an opinion on an audit of a client's financial…

Q: Which of the below statements regarding the right of the auditor to attend for the shareholder…

A: The incorrect option is c. Internal Auditor doesn’t have the right to attend the shareholders…

Q: Which of the following is not part of audit evidence? Information gathered by the auditors from…

A: Audit evidence means supportings or related documentation which proves truth about the financial…

Q: How would an auditor communicate  known there are violations of the law and the auditor's…

A: Audit is the process in which auditor independently examined the financial information of any type…

Q: Reed, CPA, accepted an engagement to audit the financial statements of Smith Company. Reed’s…

A: It is primarily Reed's obligation to identify Smith's mistakes, fraud, and illegal actions. It is…

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: What is the appropriate nature of opinion when the auditor is unable to obtain sufficient…

A: Auditor's opinion is a report based on the audit of a company's financial statement. Therefore, it…

Q: Which of the following statement is not related to role of audit committee?     Approve…

A: In order to ensure whether the financial statements are prepared as per the standard and the…

Q: The scope of an audit is not restricted when an attorney letter limits the response toa. Matters to…

A:

Q: Choose the correct.Which of the following is not a way by which the Sarbanes–Oxley Act attempts to…

A: The explanation for the given options:

Q: The Auditor prepares a disclaimer of opinion: a. When he cannot find any misstatement in the report.…

A: A clean or unqualified opinion is made by an auditor when the auditor cannot find any discrepancy or…

Q: he concept of materiality is less important for public accountants in determining:

A: Materiality: Materiality is used to indicate the impact of information on the financial statement.…

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

A: option (a) is the correct answer.

Q: Under which section of the audit report the matters that pose challenges to the auditor in obtaining…

A: The auditor's report is a report that contains the auditor's opinion on whether a company's…

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: Describe the action that an auditor should take if an attorney refuses to give information that is…

A: In general, an auditor is a person or organization employed by a business to conduct or oversee an…

Q: If a principal auditor decides to refer in his or her report to the audit of anotherauditor, he or…

A: Principal auditor is the prime auditor with whom the responsibility of major portion of the…

Q: Which of the following statements should not be included in the Basis for Opinion section of the new…

A: An audit report consists of several parameters such as Title, Responsibilities for the Financial…

Q: Has the accounting profession created a situation in which auditors’ ethical behavior is impaired by…

A: Legal liability of an auditor is to give a proper audit report to his clients by keeping his ethical…

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 is NOT an auditor's responsibility? Obligation to report any breach of the…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…