Gleim- Final Exam Questions and Correct Answers | Latest Update
4 views 0 purchase
Course
Gleim FAA
Institution
Gleim FAA
The objective of the audit of GAAP-based financial statements is to
A. Make suggestions as to the form or content of the financial statements or to draft them
in whole or in part
B. Express an opinion on the fairness with which the statements present financial position,
results of operations...
A. It is difficult to prepare financial statements that fairly present a company's financial
position, results of operations and cash flows without the expertise of an independent
auditor
B. It is management's responsibility to seek available independent aid in the appraisal of the
financial information shown in its financial statements
C. The opinion of an independent party is needed because a company may not be objective
with respect to its own financial statements
D. It is customary courtesy that all shareholders of a company receive an independent
report on management's stewardship in managing the affairs of the business
✓ -:- C
15.1.5 If a company's external auditor expresses an unmodified opinion as a result of the
audit of the company's financial statement's, readers of the audit report can assume that
A. The external auditor found no fraud
B. The company is financially sound and the financial statements are accurate
C. Internal control is effective
D. Material issues about the application of accounting principles were resolved to the
satisfaction of the auditor
✓ -:- D
3|P a g e | G r a d e A + | 2 0 2 0 2 5
The benefits of buying summaries with Stuvia:
Guaranteed quality through customer reviews
Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.
Quick and easy check-out
You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.
Focus on what matters
Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!
Frequently asked questions
What do I get when I buy this document?
You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.
Satisfaction guarantee: how does it work?
Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.
Who am I buying these notes from?
Stuvia is a marketplace, so you are not buying this document from us, but from seller TestTrackers. Stuvia facilitates payment to the seller.
Will I be stuck with a subscription?
No, you only buy these notes for $10.69. You're not tied to anything after your purchase.
