The statement that the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the auditor's opinion is in what section of the new auditor's report? a. Responsibilities for the Financial Statements. b. Basis for Opinion. c. Auditor's responsibility. d. Opinion Paragraph.

The statement that the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the auditor's opinion is in what section of the new auditor's report? a. Responsibilities for the Financial Statements. b. Basis for Opinion. c. Auditor's responsibility. d. Opinion Paragraph.

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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When auditors become aware of noncompliance with a law or regulation committed byclient personnel, the primary reason that the auditors should obtain a better understanding ofthe nature of the act is toa. Recommend remedial actions to the audit committee.b. Evaluate the effect of the noncompliance on the financial statements.c. Determine whether to contact law enforcement officials.d. Determine whether other similar acts could have occurred.
The objectives of the audit includes the following, except: a. To enable an auditor to express an opinion b. Determination of the true and fair view of the financial position c. To assure the future viability of the enterprise d. The review and assessment of the conclusions drawn from the audit evidence obtained
When an auditor uses the work of an expert, who has the responsibility for arriving at an overall conclusion regarding the fair presentation of a client's financial statements? a) the auditor b) the expert c) the client's management d) the client's audit committee
When the auditor uses supporting evidence for amounts posted to account balances with documentary evidence, that process is called a. physical examination. b. confirmation. c. inspection d. inquiry.
Which one of the following section of the auditor's report gives a description of an audit conducted as per ISA standards? Management's responsibility. Introductory. Basis for Opinion. Auditor's responsibility. Which one of the following statements is most appropriate to Control risk? Auditing and Cont EN
STATEMENT 1: Audit documentation provide the principal support for the auditor's opinion on the fairness of the financial statements. STATEMENT 2: Audit documentation aid in planning and conducting for future audits. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
What are auditors' obligations for later found facts uncovered (a) before to the audit report's release date and (b) subsequent to the audit report's release date?
Disclaimer of opinion rendered by an independent auditor of financial statements stating that the financial statements have been presented fairly in accordance with GAAP. True False
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
Which item regarding an Emphasis of Matter paragraph is true? a. The auditor will use the E of M to restrict distribution of the audit report. b. The auditor will use the E of M when the client has corrected an error in the previous financial statements. c. An E of M will be used when a material error exists in the current financial statements. d. The E of M paragraph is usually located immediately before the opinion paragraph. e. The E of M paragraph would be used to discuss a client's change in the method to estimate bad debts.
The reporting principle requires auditors to express their opinion through the issuance of a written report. Required: a. What is the purpose of the. auditors' opinion and report? b. What are the major sections in the auditors' report on the examination of an issuer? What are the major contents of each of these sections? c. What are the four types of opinions that auditors can issue? d . How does the concept of materiality influence the auditors' report?
If the auditor verifies a debtor’s account balance, which is comprised of a number of transactions, at the end of the financial period by sending a debtor’s confirmation request, this is an example of a Select one: A. substantive test of transactions B. test of controls C. substantive analytical procedure D. substantive test of balances