When financial statements are presented in comparative form and another firm audited the prior years’ financial statements (but the other firm’s report is not presented with the financial statements), the auditors’ report on the current-year financial statements shoulda. Disclaim an opinion on the prior years’ financial statements.b. Not refer to the prior years’ financial statements.c. Refer to any procedures performed by the current auditor to verify the opinion on the prior years’ financial statements.d. Refer to the report and type of opinion issued by the other firm on the prior years’ financial statements.

Q: Accountants are permitted to express “negative assurance” in which of the following reports?a.…

A: Auditing is the examination or inspection of the books of accounts or the financial statements by an…

Q: Which of the following topics is not addressed in the auditors’ report for a public entity?a.…

A: Auditing is a gathering of information and evaluation of evidence as to report on the degree of…

Q: Which of the following is not a part of opinion section of the auditor's report? Oa. Identify the…

A: An auditor should express his opinion whether such financial statements are prepared and presented…

Q: Departures from GAAP. For each of the following departures from GAAP, indicate thetype of opinion…

A: Audit opinions are the opinions given by the auditor about the financial statements. There are…

Q: To do an audit of a company's financial statements, there must be several key elements and…

A: The question is multiple choice question. Required  Choose the Correct Option.

Q: Which of the following is correct about unmodified audit opinion? O a. Opinion issued once auditors…

A: Auditing: The process of examining the accuracy of the information reported in the books of accounts…

Q: While performing your audit of Williams Paper Company, you discover evidence that indicates that…

A: Going Concern: A going concern is a word used in accounting to describe a corporation that has the…

Q: Other matters to which the auditor may wish to refer in an Other Matter(s) paragraph but which are…

A: The Other Matter paragraph is the audit report is written to communicate all the necessary matters…

Q: When an auditor concludes that there is a significant doubt on the entity's ability to continue as a…

A: Going Concern basis: An entity prepares financial statements on a going concern basis ,that is it is…

Q: If subsequent to the issuance of the audited financial statements, the auditor becomes aware of…

A: Audited financial statements are those that are properly examined by the professional called…

Q: Which of the following opinions would be issued if auditors believed that the entity’s financial…

A: The audit report offers a summary for a given fiscal year of a company's financial performance.

Q: Which of the following statements is not true with respect to the auditors’ report on…

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: hich of the following is most likely to be included in a public company financial statement audit…

A: Audit report is a written document which is written by the auditor. An auditor is an independent…

Q: It is the responsibility of the board of directors to: Ensure that the financial report is O…

A: The responsibilities of an auditor and the board of directors of a company differs with each others.…

Q: When a contingency is resolved subsequent to the issuance of audited financial statements, which…

A: A contingency is a character or any rationally possible losses and any pledges, including highest…

Q: When an auditor-client conflict arises during an audit engagement, the client and/or the current…

A: Introduction : After being recruited to produce an impartial report on correct accounting treatment…

Q: Under which of the conditions below the auditor will make “an emphasis of matter” to the financial…

A: The question is related to Audit Report and the matters expressed by auditors. "An emphasis of…

Q: An auditor must identify the relevant assertions about each significant financial statement account…

A: a.

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: The responsibility for preparation and presentation of financial statements is the responsibility of…

Q: Under what circumstances auditor may express an unqualified opinion? 1. The view presented by the…

A: Auditor's opinion refers to the report, which is issued to the management after a complete audit of…

Q: Auditors performing audits under the Single Audit Act issue an opinion on whether the Schedule of…

A: The term "auditing" normally refers to an objective review and evaluation of a company's financial…

Q: Basic Reports. The concepts of materiality and pervasiveness are important to auditors in…

A: Introduction: An unqualified opinion indicates that the auditor believes the statements are free…

Q: In an audit of financial statements for a company, the auditor considers internal control a. To the…

A: Audit refers to the examination or checking of the financial statements or the books of company in…

Q: Which of the following is not included in the standard (unmodified) report on the…

A: The purpose behind Auditor's report on the fiscal summary is to give an assessment that whether the…

Q: i. What is the correct phrase that is included in the opinion paragraph of the standard…

A: The type of Audit report that is given in the question is an "Disclaimer opinion". If the auditor…

Q: "Key audit matters are those matters that, in our professional judgment, were of most significance…

A: "Key audit matters are those matters that, in our professional judgment, were of most significance…

Q: What type of opinion is issued by the auditor on the financial statements when there is some…

A: There are 4 types  of  audit opinions  1.Unqualified opinion  2.Qualified opinion  3.Adverse opinion…

Q: Which of the following statement is not related to role of audit committee?     Approve…

A: In order to ensure whether the financial statements are prepared as per the standard and the…

Q: Which of the following information would be included in the introductory paragraph of the auditors’…

A:

Q: Write a sample auditors’ report showing stating unqualified audit opinion.

A: Auditors report is the document prepared by the auditor after the completion of audit procedure and…

Q: In which of the following circumstances does not require auditors to modify the content of the…

A: Emphasis of auditor report is used by the auditor to provide additional information to the users of…

Q: As of the end of the fiscal period under audit, the auditor will request a special kind of…

A: The audit indicates the unbiased examination of financial statements and relevant accounts prepared…

Q: Discuss and accounting firms responsibilities when it is retained to issue such a report.

A: When an accounting firm is engaged to provide an objective report on proper accounting treatment in…

Q: Which of the following statements are not true about auditors responsibilities? a) The financial…

A: As per ISA 200, The auditor's objectives are to obtain reasonable assurance about whether the…

Q: The auditors include an emphasis-of-matter paragraph in an otherwise unmodified report on the…

A: Emphasis of matter paragraph is involved in the report of auditor as well as refers to matter which…

Q: The standard compilation report includes which statement or phrase?(1) A compilation is…

A: Compilation report refers to a company's financial statement that have been prepared or compiled by…

Q: Which of the following statements about the auditor's responsibilities in public company audits is…

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Q: A group of investors sued Anderson, Olds, and Watershed, CPAs (AOW) for alleged damages suffered…

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Q: When interim financial information is presented in a footnote to annual financial statements,the…

A: Interim Financial Information: Interim financial information is financial statements and other…

Audit Procedures

Audit Procedures are methods and techniques performed by the auditor to determine the quality of financial information of clients, thereby expressing an opinion on true & fair view of financial statements and entity position. They are identified and applied at the planning stage of audit after determining audit objectives, scope, approach, and risk assessment.