15. For which of the following events would an auditor issue a report that does not include anyreference to consistency? Show
Get answer to your question and much more 16. If the auditor believes that there is minimal likelihood that resolution of an uncertainty willhave a material effect on the financial statements, the auditor would issue a(n) Get answer to your question and much more 17. When comparative financial statements are presented, the fourth standard of reporting,which refers to financial statements "taken as a whole," should be considered to apply to thefinancial statements of theC.Current period and those of the other periods presented.18. A predecessor auditor should complete the following before reissuing a report onstatements presented on a comparative basis:A.Read the financial statements of the current period.C.Obtain a letter of representations from the current-year, successor auditor.D.Both a and c.19. In connection with the examination of the consolidated financial statements of MottIndustries, Frazier, CPA, plans to refer to another CPA's examination of the financialstatements of a subsidiary company. Under these circumstances, Frazier's report must discloseB.The portion of the financial statements examined by the other CPA.20. If the principal auditor decides to make reference to the other auditor's examination, theintroductory paragraph must specifically indicate theA.The portion of the financial statements examined by the other auditor.21. When a question arises about an entity's continued existence, the auditor should considerfactors tending to mitigate the significance of negative information concerning the entity'smeans for maintaining adequate cash flow. An example of such a factor is theB.Capability of extending the due dates of existing debt.22. The adverse effects of events causing an auditor to believe there is substantial doubt aboutan entity's ability to continue as a going concern would most likely be mitigated by evidencerelating to theC.Marketability of assets that management plans to sell. This preview shows page 1 - 3 out of 7 pages. Saint Paul School of Business and LawCampetic, Palo, LeyteReview Materials for Auditing TheoryAUDIT REPORT Quizzer1)If a publicly held company issues financial statements that purport to present its financial positionand results of operations but omits the statement of cash flows, an auditor ordinarily will express a(an)2)The principal auditor decides not to refer to the audit of another CPA who audited a subsidiary ofthe principal auditor’s client. After making inquiries about the other CPA’s professional reputationand independence, the principal auditor most likely wouldA.Add an explanatory paragraph to the auditor’s report indicating that the subsidiary’s financialstatements are not material to the consolidated financial statementsB.Document in the engagement letter that the principal auditor assumes no responsibility for theother CPA’s work and opinionC.Obtain written permission from the other CPA to omit the reference in the principal auditor’sreportD.Contact the other CPA and review the audit programs and working papers pertaining to thesubsidiary3)An auditor concludes that a client’s illegal act, which has a material effect on the financialstatements, has not been properly accounted for or disclosed. Depending on the materiality of theeffect on the financial statements, the auditor should express either a (an)4)In which of the following situations would an auditor ordinarily choose between expressing an“except for” qualified opinion or an adverse opinion?A17 – AT (008 Q)Page 1 of 7 We have textbook solutions for you! The document you are viewing contains questions related to this textbook. Fraud Examination Albrecht/Albrecht Expert Verified
5)The existence of audit risk is recognized by the statement in the auditor’s standard report that theauditorA.Obtains reasonable assurance about whether the financial statements are free of materialmisstatementB.Assess the accounting principles used and also evaluates the overall financial statementpresentationC.Realizes some matters, either individually or in the aggregate, are important while othermatters are not importantD.Is responsible for expressing an opinion on the financial statements, which are theresponsibility of the management Upload your study docs or become a Course Hero member to access this document Upload your study docs or become a Course Hero member to access this document End of preview. Want to read all 7 pages? Upload your study docs or become a Course Hero member to access this document We have textbook solutions for you!The document you are viewing contains questions related to this textbook. The document you are viewing contains questions related to this textbook. Fraud Examination Albrecht/Albrecht Expert Verified For which of the following events would an auditor issue a report that does not include any reference to comparability?both years. For which of the following events would an auditor issue a report that does not include any reference to comparability? A change in the service life used to calculate depreciation expense.
When an auditor gives a report without showing any defect in it it is called?Clean or unqualified report
This is the best type of report that a company can receive from an auditor. A clean report is one that states that the financial statements of the company fully comply with GAAP and are free of any material misstatement.
Under what circumstances will an auditor issue a modified report?A modified opinion is given because of: a misstatement about the treatment or disclosure of a matter in the financial and/or non-financial information; or. a limitation in scope.
What 4 types of reports do auditors issue?4 Different Types of Auditor Opinions. Clean Report or Unqualified Opinion.. Qualified Report or Qualified Opinion.. Disclaimer Report or Disclaimer of Opinion.. Adverse Audit Report or Adverse Opinion.. |
For which of the following events would an auditor issue a report that omits any reference
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