Problem 10: For the following scenarios, assume you are the CPA reporting on the client's financial statements Determine the circumstance that applies to the situation and the type of opinion that

Discuss the concept of “reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements.

Which of the following parties is responsible for the fairness of the representations made in financial statements? * O AICPA. Independent auditor. O Audit committee. O Client's management.

Explain what is meant by information accompanying basic financial statements. Provide two examples of such information. What levels of assurance may the CPA offer for this information

Q1. Involves attestation on historical financial statements and provides the highest form of assurance that CPA’s can offer.  True or False

7 Any of the parties listed below can be responsible for providing the financial information that will be audited by the auditor, except  _______________   Question 7 options:   a)  Audit committee   b)  The customers   c)  Management   d)  The engaging part

This is a representation or statement which may be expressly stated or implied by the responsible party. A. Subject matter of information B. Assertion C. Subject matter D. Applicable financial reporting framework

what are the key factors that should be considered in determining whether a financial statement is material? should auditors apply the same material guidelines or benchmarks as financial accountants ?

Accounting policies, methods, and estimates used in preparing fi nancial statements aremost likely found in the:B . management commentary.

Identify the three alternative opinions that may be appropriatewhen the client’s financial statements are not in accordance with GAAP. Under whatcircumstance is each appropriate?