Connect Access Card for Principles of Auditing & Other Assurance Services
21st Edition
ISBN: 9781260299366
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 20, Problem 29COQ
To determine
Identify the appropriate answer related to the least likely objective of CPA’s examination of a client’s MD&A.
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Which of the following statements is correct concerning an auditor’s responsibilities regarding financial statements?
A. The fair presentation of audited financial statements in accordance with an applicable financial reporting framework is an implicit part of the auditor’s responsibilities
B. An auditor’s responsibilities for audited financial statements are confined to the expression of the auditor’s opinion
C. Making suggestions that are adopted about the form and content of an entity’s financial statements impairs an auditor’s independence
D. The auditor’s report should provide an assurance as to the future viability of the entity
Which of the following topics is not addressed in the auditors’ report for a public entity?a. Responsibilities of the auditor and management in the financial reporting process.b. Absolute assurance regarding the fairness of the entity’s financial statements in accordance with GAAP.c. A description of an audit engagement.d. A summary of the auditors’ opinion on the effectiveness of the entity’s internal controlover financial reporting.
Which of the following information would be included in the introductory paragraph of the auditors’ report on internal control over financial reporting if the report is presented separately from the auditors’ report on the entity’s financial statements?a. The fact that the auditors conducted an audit of the entity’s financial statements.b. The definition of a material weakness in internal control over financial reporting.c. Statements identifying the responsibility of the auditors and management for internal control over financial reporting.d. A reference to the auditors’ report and opinion on the entity’s financial statements.
Chapter 20 Solutions
Connect Access Card for Principles of Auditing & Other Assurance Services
Ch. 20 - Prob. 1RQCh. 20 - Prob. 2RQCh. 20 - Prob. 3RQCh. 20 - Prob. 4RQCh. 20 - Prob. 5RQCh. 20 - Prob. 6RQCh. 20 - Prob. 7RQCh. 20 - Prob. 8RQCh. 20 - Prob. 9RQCh. 20 - Prob. 10RQ
Ch. 20 - Prob. 11RQCh. 20 - Prob. 12RQCh. 20 - Prob. 13RQCh. 20 - Prob. 14RQCh. 20 - Prob. 15RQCh. 20 - Prob. 16RQCh. 20 - Prob. 17RQCh. 20 - Prob. 18RQCh. 20 - Prob. 19RQCh. 20 - Prob. 20RQCh. 20 - Prob. 21RQCh. 20 - Prob. 22RQCh. 20 - Prob. 23RQCh. 20 - Prob. 24QRACh. 20 - Prob. 25QRACh. 20 - Prob. 26QRACh. 20 - Prob. 27QRACh. 20 - Prob. 28QRACh. 20 - Prob. 29AOQCh. 20 - Prob. 29BOQCh. 20 - Prob. 29COQCh. 20 - Prob. 29DOQCh. 20 - Prob. 29EOQCh. 20 - Prob. 29FOQCh. 20 - Prob. 29GOQCh. 20 - Prob. 29HOQCh. 20 - Prob. 29IOQCh. 20 - Prob. 29JOQCh. 20 - Prob. 29KOQCh. 20 - The assurance services that address user and...Ch. 20 - Prob. 30OQCh. 20 - Prob. 31OQCh. 20 - Prob. 32OQCh. 20 - Prob. 33OQCh. 20 - Prob. 34PCh. 20 - Prob. 35PCh. 20 - Prob. 36ITCCh. 20 - Prob. 37RDC
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Similar questions
- Which of the following is the federal, independent agency that provides oversight of public companies to maintain fair representation of company financial activities for investors to make informed decisions? A. IRS (Internal Revenue Service) B. SEC (Securities and Exchange Commission) C. FASB (Financial Accounting Standards Board) D. FDIC (Federal Deposit Insurance Corporation)arrow_forwardThis is the independent federal agency protecting the interests of investors, regulating stock markets, and ensuring companies adhere to GAAP requirements. A. Financial Accounting Standards Board (FASB) B. generally accepted accounting principles (GAAP) C. Securities and Exchange Commission (SEC) D. conceptual frameworkarrow_forwardWhich of the following best describes the general contents of the introductory paragraph of the auditors’ report?a. A description of an audit examination, including the fact that the audit was conducted under standards established by the PCAOB.b. The auditors’ conclusion with respect to the fairness of the entity’s financial statements.c. Statements identifying the responsibility of auditors and management in the financial reporting process.d. The auditors’ conclusion with respect to the effectiveness of the entity’s internal control over financial reporting.arrow_forward
- Under the Private Securities Litigation Reform Act (the Act), independent auditors are required to firsta. Report in writing all instances of noncompliance with the Act to the client’s board of directors.b. Report to the SEC all instances of noncompliance with the Act they believe have a material effect on financial statements if the board of directors does not first report to the SEC.c. Report clearly inconsequential noncompliance with the Act to the audit committee of the client’s board of directors.d. Resign from the audit engagement and report the instances of noncompliance with the Act to the SEC.arrow_forwardWhich of the following statements regarding the requirement to follow U.S. GAAP in financial reporting is true? 1.U.S. GAAP represents a set of professional standards, and the requirement to follow U.S. GAAP is enforced through the AICPA Code of Professional Conduct. 2.U.S. GAAP has been adopted as state law in all 50 states, so failure to follow U.S. GAAP is prosecuted through the state court system. 3.U.S. GAAP has been adopted as federal law, so failure to follow U.S. GAAP is prosecuted through the federal court system. 4.Compliance with U.S. GAAP is not enforced; it is a voluntary choice made by most companies and by most professional accountantsarrow_forwardDo auditors have an obligation to report on (a) audited financial statements and (b) any additional information required by law?arrow_forward
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