Unmodified report - Study guides, Class notes & Summaries

Auditing Exam 1|359 Questions with Verified Answers 1. Which of the following would be considered an assurance engagement? a. Giving an opinion on a prize promoter's claims about the amount of sweepstakes prizes awarded in the past. b. Giving an opinion on the conformity of the financial statements of a university with generally accepted accounting principles. c. Giving an opinion on the fair presentation of a newspaper's circulation data. d. Giving assurance about the average drive len...

Auditing Final Exam Questions and Answers 100% Pass A control deficiency that is more than a significant deficiency is most likely to result in what form of audit opinion relating to internal control? - ANSWER-Adverse Inability to evaluate internal control due to a circumstance-caused scope limitation relating to a significant account in a Sarbanes-Oxley Section 404 internal control audit is most likely to result in what form of audit opinion? - ANSWER-Disclaimer of Opinion An Auditor ide...

Auditing Final Exam Questions with Answers Graded A+ 2023. Which of the following are elements of a CPA firm's quality control that should be considered in establishing its quality control policies and procedures? Answer- human resources: YES monitoring: YES engagement performance: YES One of a CPA firm's basic objectives is to provide professional services that conform with professional standards. Reasonable assurance of achieving this objective is provided through Answer- a system of...

AUD Becker Mock Exam 1 | latest with complete solution Dante, CPA, is auditing the financial statements of Crest Computing. During the previous year, Kratzke & Kratzke, CPAs, audited Crest's financial statements. Crest has decided to present comparative financial statements for the current year. Which statement is true about Kratzke & Kratzke's report? a. Kratzke & Kratzke should not reissue their report, since they may be unaware of recent circumstances that might have affected the previ...

1. Chapter 04 Test Bank Student: ___________________________________________________________________________ Who is responsible for the preparation of the financial report? A. Auditor . B. Manageme nt. C. Both auditor and management. D. None of the answers given are correct. Original accounting data comprises: A. the basic data related to entity transactions. B. information contained in the financial report. C. depreciation and amortisation of the entity’s assets. D. all entries ma...

Chapter 15 Auditing, questions and answers with complete top solutions All of the following phrases would be found in the standard unmodified audit report for a private company except: -in our opinion, the financial statements referred to above are correct, in all material respects. -management is responsible for the preparation and fair presentation of the financial statements. -standards require that we plan and perform the audit to obtain reasonable assurance. -we believe the audit evi...

False psychology - correct answer undisclosed flexibility in data collection analysis allows presenting anything as significant 6 solutions for authors to follow to solve the ambiguity-flexibility problem - correct answer 1) authors must decide the rule for terminating data collection before data collection begins and report this rule in the article 2) authors must collect at least 20 observations per cell or else prov...

b - answer-An independent audits adds value to the communication of financial information because the audit a. confirms the exact accuracy of management's financial representations b. lends credibility to the financial statements c. guarantees that financial data are fairly presented d. assures the readers of financial statements that any fraudulent activity has been corrected b - answer-Which of the following best describes the reason why an independent auditor is often retained to repo...

"the objective of IFRS is to have a single set of high quality accounting standards applied consistently around the world: correct answers What is the objective is IFRS? International Financial Reporting Standards correct answers What does IFRS stand for? b) For a given set of facts and circumstances, there should be consistency in acceptable interpretations supported by professional judgment by every company in every country. correct answers Identify which statement is correct in regard...

Non-issuers audit standards - ANSWER-AICPA: generally accepted auditing standards *Statements on Auditing Standards (SAS) Issuers generally accepted auditing standards - ANSWER-PCAOB Auditing Standards (AS) Guidance for audits of government organizations, programs, activities, and entities that receive government funds - ANSWER-Governmental Accountability Office: Generally Accepted Government Auditing Standards (GAGAS) Financial or performance audits of government organizations, programs, ...