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: What should an auditor do if they discover they have forgotten to perform a substantive procedure?

A: Audit Procedure: A specific procedure undertaken by an auditor to procedure evidence in a particular…

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: Which of the following is not correct about professional judgment? a. Professional judgement is…

A: professional judgment -   professional judgment is an application of knowledge and experience of an…

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: 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: 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: Question: A car valued at $30,000 has $600 of depreciation to be adjusted as of January 31st. Which…

A: Depreciation means reduction in value of fixed asset over the period of time. This will decrease…

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: 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: What considerations should an auditor take into account before taking a new engagement? Explain.

A: Introduction: A financial audit is a systematic examination and evaluation of an organization's…

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: What factors should an auditor evaluate or consider when deciding whether to keep working with a…

A: Factors that an auditor should evaluate when deciding whether to keep working with a client: Where…

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 is the purpose of the auditors’ opinion and report?

A: Auditing: Auditing is a systematic process wherein the auditor investigates the financial…