What is meant by the evaluation of a client's ability to continue as a going concern? What are some situations that would require modification of the auditor's opinion related to going concern? What is the auditor's responsibility for assessing a client's ability to continue as a going concern?

Q: In auditing liabilities and expenses, the auditor is generally more concerned about the management’s…

A: Ans. There are various kinds of assertions which needs to be checked while auditing. Some of the…

Q: Discuss how professional skepticism relates to conducting a proper audit and meeting ethical…

A: Introduction: An audit is defined as "an independent examination of the financial information of any…

Q: Explain the auditor legal liability, this includes what law that procure such liability?

A: An auditor is expected to complete their tasks in good faith and with integrity and should operate…

Q: When expertise in a field other than accounting or auditing is necessary to obtain sufficient…

A: Auditing is the verification of financial statements by the auditor who then provides judgmental…

Q: What is the auditor's role when a client fails to follow the law?

A: This question explains about the auditor's role on a client fails to follow the law.

Q: Identify the type of evidence the auditor would gather in assessing the integrity of management?…

A: Auditor is the person who is responsible for auditing and verifying books of accounts and records of…

Q: Auditors are required to evaluate the likelihood of each client continuing as a going concern for a…

A: Auditors are responsible to evaluating the financials whether are free from material misstatement…

Q: What knowledge does the auditor need about the client’sbusiness in an audit of historical financial…

A: Auditing:   Auditing is a gathering of information and evaluation of evidence as to report on the…

Q: How does the auditor’s opinion differ between scope limitationscaused by client restrictions and…

A: The auditor's opinion might be competent by scope limitations brought about by client limitations or…

Q: When might NPS not be a good predictor of firmgrowth?

A: At times, the NPS might not be a good indicator of predictor of firm's growth as there are many…

Q: which type of audit report the client prefer : Select one: a. unqualified b. disclaimer c. adverse…

A: Disclaimer is given when the auditor disclaims from forming an opinion due to insufficient evidence.…

Q: When establishing an understanding with an audit client, that understanding should be documented

A: While a management representation letter is a key part of the audit process, it is not the only way…

Q: Explain the role that auditing standards have with respect to the auditor exercising reasonable care…

A: Since an auditor needs to issue a reasonable assurance on the accuracy of the client's financial…

Q: What is the auditor's obligation in light of the prudent person concept?

A: An auditor is a person who reviews the financial statements of a company and gives his opinion. The…

Q: What questions should be asked by an auditor prior to taking an engagement?

A:

Q: What are the types of subsequent events the auditor should identify and evaluate as part of…

A: Summary. Types of Subsequent Events for Auditors:Recognized Subsequent Events: Events that provide…

Q: What are the obligations of the auditor in the case of a 'going concern'?

A: This question explains about the obligations of the auditor in the case of a 'going concern'

Q: explain how concepts of audit risk and materiality are related. must an auditor make a decision on…

A: Auditing - The organized process of examination of the financial information and verification of the…

Q: In 2016, Ryan Management collected rent revenue for 2017 tenant occupancy. For financial reporting,…

A: Deferred tax is an amount that is, computed on the basis of tax liability on the income as per…

Q: what are characteristics of the engagement (scope) in auditing?   Timing of reporting?…

A: The scope of an audit refers to the depth and breadth of the examination of the financial…

Q: When information comes to the auditor's attention that raises substantial doubt about the entity's…

A: Qualified opinion is given where auditor believe that there are some mistakes and rest the financial…

Q: Define the term "materiality" in the context of audit reporting. What factors will influence the…

A: Introduction: 320 IAS When preparing and completing an audit, materiality refers to the omission or…

Q: Discuss various type  of opinion is issued by the auditorr if he or she is unable to determine the…

A: Introduction: Auditing is the process of finding, verifying, and continuously analyzing all…

Q: Discuss the difference between audit documentation and audit evidence and state why audit evidence…

A: Audit Documentation: Audit documentation, also known as working papers, refers to the records,…

Q: Discuss about the rules of independence of auditors in the professional code of conduct?

A: The rules of independence of auditors are a critical component of the professional code of conduct…

Q: In your words, what is the legal responsibility of the auditor?

A: Auditors are the authorized individual to examine the financials or accounts of the companies and…

Q: What would be the audit resolution in case there is a difference of opinion in the engagement team?…

A: Auditing is the process of checking and verifying the accuracy and authenticity of books of accounts…

Q: When an auditor uses the work of an expert, who has the responsibility for arriving at ar overall…

A: Introduction:- The auditor’s use of the work of an expertise in a field other than accounting or…