If the auditor is auditing a public company in the United States and must report on internal controls over financial reporting (ICFR), the identification of one or more material weaknesses _______.     A. will result in the auditor issuing an adverse opinion on the financial statements and the CFO/CEO will probably go to jail   B. will result in an adverse opinion on ICFR   C. will result in an unmodified opinion on ICFR   D. will result in the auditor issuing a disclaimer of opinion on the financial statements and  the CFO/CEO will probably go to jail

True or false: the purpose of an independent public accounting firms auditing and financial statements of a company and rendering a clean opinion is to detect fraud and management financial malfeasance

Which of the following statements is false when a company’s internal audit department is asked to complete consulting work? In some instances, management or the audit committee may be somewhat averse to the concept that internal auditors should provide consulting services, primarily because they fear it would impair the internal auditors’ objectivity. the internal audit charter should include provisions for consulting engagements as the internal audit function would then have access to all areas of the organization when performing consulting engagements as it does when performing assurance engagements. Not including consulting services in the charter will never create confusion should the internal audit function decide to provide any form of advice, and will never increase the likelihood for disagreement regarding the internal audit function’s position on consulting services.

Your answer is incorrect. During the audit of Millennium Corporation, the audit firm, Tyson CPAs has advised firm management that they plan to confirm a sample of accounts receivable balances with a randomly selected pool of the client's customers. The client has refused permission for the auditors to undertake this procedure, citing customer privacy over balances owed to the firm. At this juncture, what might the auditors decide to do? Ⓒ The auditors are most likely to consider withdrawing from the engagement. If management is uncooperative, it is probably because they are hiding fraud or other material errors. O The auditors are likely to proceed with contacting a sample of accounts receivable customers anyway. As these customers represent third parties, the auditor does not need the client's expressed permission to contact them. O The auditors may attempt perform alternative audit procedures. If they are able to do this, they may be able to offer the same level of assurance in this…