hich 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

hich 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

Essentials Of Investments

11th Edition

ISBN:9781260013924

Author:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Publisher:Bodie, Zvi, Kane, Alex, MARCUS, Alan J.

Chapter1: Investments: Background And Issues

Section: Chapter Questions

Problem 1PS

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Which of the following aspects are required to be included in the basis for opinion section in the auditor's report? O a. Statement that an auditor is dependent of the entity in accordance with the relevant ethical requirements relating to an audit O b. Statement that the audit was conducted in accordance with Standards on Auditing OC. Statement that the financial statements have been audited O d. Statement whether the management (client) believes that the audit evidence an auditor has obtained is sufficient and appropriate to provide a basis for the auditor's opinion
Describe the major changes to the Auditor's Report as recommended by ASB (Auditing Standards Board ) of AICPA? Critically analyze the impact of these changes on auditors.
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.
Which of the following is true of the Audit Committee? O It is composed of a group of stockholders. O It includes both the internal auditors and the external auditors of a company. It is the group that conducts the audit of a company. Its main purpose is to report errors on the company's financial statements to the SEC. It is another term for the internal auditing department of a company.
Which of the following is not valid for External Audit? It is conducted by the employees of the company The scope is decided by the statue External audit is conducted once in a year There is an obligation to conduct external Audit
Consider 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 false
Please answer with reason for all why the option is correct and why the other options are incorrect Which of the following matters would an auditor most likely ask client management to affirm in an audit representation letter? Communications with those charged with governance concerning weaknesses in internal control Plans to acquire or merge with other entities in the subsequent year The reasonableness of significant assumptions used in making accounting estimates Management's acknowledgment of its responsibility for the detection of employee fraud
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.
Choose the correct.Which of the following is a requirement of the Sarbanes–Oxley Act of 2002?a. Registration of all auditing firms with the Public Company Accounting Oversight Board.b. Annual inspection of all auditing firms registered with the Public Company Accounting Over-sight Board.c. A monetary fee assessed on organizations issuing securities.d. Overall assessment of the work of the SEC each year.
The 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.
25. 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.
S1: After conducting an audit and release of the audit report, the primary responsibility on the fairness of the financial statements remains with the management and those charged with governance of the entity. S2: In recurring audits, the auditor may not send a new engagement letter unless warranted by the circumstances. S3: For financial reporting purposes, an entity's risk assessment process includes its identification, analysis, and management of risks relevant to the preparation of financial statements in accordance with applicable financial reporting framework. S4: The risk of material misstatement is broader in scope compared to business risks. S5: Analytical procedures used as substantive test focuses on detecting material misstatements. S6: The responsible party always prepare a representation that will be subjected to the validation of the practitioner. Identify which statements are correct

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