41-An auditor audits financial statements which include Income Statement, Position Statement and Statement of owners' equity. From the options given below put a name to individual or body of individuals responsible for the preparation of financial Statement in accordance with applicable financial reporting framework? O a. Bothe auditor and Management O b. TCWG c. None of the options O d. Auditor

41-An auditor audits financial statements which include Income Statement, Position Statement and Statement of owners' equity. From the options given below put a name to individual or body of individuals responsible for the preparation of financial Statement in accordance with applicable financial reporting framework? O a. Bothe auditor and Management O b. TCWG c. None of the options O d. Auditor

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 18MCQ

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Similar questions

23-From the options given below identify the accounting data obtained by an auditor which are sufficient and appropriate to support his opinion on the financial statement assertions. O a. Audit Report O b. Engagement letter O c. Audit evidence O d. Audit opinion
{Auditing} 23. From the options given below, identify an opinion formed by an auditor when financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. a. None of the options b. Unqualified opinion c. Negative opinion d. Qualified opinion
{Auditing} 44. From the following statements, identify the statement/s that will not participate in the audit of an entity. a. Bank Reconciliation statement b. Statement of Debtors c. All the options d. Statement of Creditors
14 From the following statements, identify the statement/s that will not participate in the audit of an entity. a. Statement of Debtors b. All the options c. Statement of Creditors d. Bank Reconciliation statement
{Auditing} 49. While addressing the auditor’s report by an auditor whom does it is addressed to depending upon the circumstances? a. Shareholders b. Board of Directors c. All the options d. Owners
13 From the options given below identify the duty of an auditor of a company a. All the options b. Reporting on true and fair view of financial statements c. Evaluating of internal control system d. Compliance with the applicable law and regulation Clear my choice
12. The practitioner's independence is not required in which of the following engagements? A. Audit of historical financial statements B. Review of historical financial statements C. Examination of prospective financial statements D. Installation of accounting information systems
Auditing and Assurance Services T321 Which one of the following services provides a moderate level of assurance about the client's financial statements? Select one: O a. review O b. forecasts and projections O c. compliance O d. audit
{Auditing} 15. Find the nature of materiality if the client incorrectly selects and applies accounting policy which has negligible effect in the current period but has significant effect on the future period. a. Material by nature b. None of the options c. Materiality by the amount for financial statements as a whole d. Either materiality by amount or materiality by nature
16. What is the purpose of information presented in notes to financial statements? a. To present management's responses to auditor comments b. To correct improper presentation in the financial statements c. To provide disclosures required by generally accepted accounting principles d. To provide recognition of amounts not included in the total of the financial statements 17. Proper application of accounting principles is most dependent upon a. Existence of specific guidelines b. Oversight of regulatory bodies c. External audit function d. Professional judgment of the accountant 18. Which of the following is not a correct variation of the basic accounting equation? a. Asset = Liabilities +Equity b. Asset - Liabilities = Equity c. Asset - Equity = Liabilities d. Asset + Liabilities = Equity 19. Entity A's total liabilities are P50M, while its total equity is P10. Entity A's total assets are a. P60M b. P50M c. P40M d. Any of these 20. What is the effect on an entity's financial…
30 While addressing the auditor’s report by an auditor whom does it is addressed to depending upon the circumstances? a. Board of Directors b. Shareholders c. All the options d. Owners
Characteristics of auditing do not include: O a. Independent Examination O b. Objective of Expressing an Opinion on financial information O c. Applies to all types of entities O d. Done by the accountant of the entity