Essentials Of Investments
11th Edition
ISBN: 9781260013924
Author: Bodie, Zvi, Kane, Alex, MARCUS, Alan J.
Publisher: Mcgraw-hill Education,
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Question
which of the following is most likely to be included in a public company financial statement audit report?
Adverse opinion.
The name of the engagement partner.
The audit was performed in accordance with generally accepted auditing standards.
The year the auditor began serving the company
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- An auditor issues a report dated 2/12/Year 2 on financial statements for the year ended 12/31/Year 1. Which best describes the auditor's responsibility for an event occurring on 2/1/Year 2 and an event occurring on 3/1/Year 27 A. The auditor has an active responsibility to investigate both events. B. The auditor has an active responsibility to investigate the 2/1/Year 2 event, but no responsibility concerning the 3/1/Year 2 event. C. The auditor has an active responsibility to investigate the 2/1/Year 2 event, and must also consider the effect of the 3/1/Year 2 event if it comes to his/her attention. D. The auditor has no responsibility for either event, since both occur after the date of the financial statements.arrow_forwardConsider the following statements: I. For an audit of a non-public company a issue involving information in the “Management Discussion and Analysis section of the company’s annual report would be addressed in an Other Matter paragraph. II. The new PCAOB audit report includes a section involving Key Audit Matters. I is true; II is true I is true; II is false I is false; II is true I is false; II is falsearrow_forwardThe audit report date on a standard unmodified opinion audit report indicates A. the last day of the fiscal period. B. the last day of the auditor's responsibility for the review of significant events that occurred after the date of the financial statements. O C. the date on which the financial statements were filed with the Securities and Exchange Commission. D. the last date on which users may institute a lawsuit against either the client or the auditor.arrow_forward
- when auditor client dispute arise during an audit engagement, another accounting firm is sometimes retained by the client and or/the existing auditor to provide an objective report on the issue on the center of the dispute - as happened during Deloitte's 1997 audit of Livent. Discuss and accounting firms responsibilities when it is retained to issue such a report.arrow_forwardThe standard unqualified opinion based on the audit of a public company's financial statements includes a. A discussion of Key Audit Matters if KAMs are discovered. b. A reference to Key Audit Matters if no KAMs are discovered. c. A statement that the CPA firm is registered with the AICPA. d. An indication of how long the firm has served as the company's auditors. e. A Basis for Opinion section preceding the Opinion of Financial Statements section.arrow_forward25. Which of the following would not be included in an accountant's review report on the financial statements of a nonpublic entity? Group of answer choices A statement that the review was made in accordance with generally accepted auditing standards. A statement that all information included in the financial statements is the representation of management. A statement describing the principal procedures performed. A statement describing the auditor's conclusions based on the results of the review.arrow_forward
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