Which of the following statements is not true with respect to the responsibility for establishing auditing standards? Multiple Choice The PCAOB issues auditing standards for the audit of issuers, subject to SEC approval. Standards issued by the Auditing Standards Board after 2003 apply to the audits of both issuers and nonissuers. О The Auditing Standards Board currently issues auditing standards for the audit of nonissuers. oth issuers a

Which of the following statements is not true with respect to the responsibility for establishing auditing standards? Multiple Choice The PCAOB issues auditing standards for the audit of issuers, subject to SEC approval. Standards issued by the Auditing Standards Board after 2003 apply to the audits of both issuers and nonissuers. О The Auditing Standards Board currently issues auditing standards for the audit of nonissuers. oth issuers a

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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Consider the following statements: I. For an audit of a non-public company a issue involving information in the “Management Discussion and Analysis section of the company’s annual report would be addressed in an Other Matter paragraph. II. The new PCAOB audit report includes a section involving Key Audit Matters. I is true; II is true I is true; II is false I is false; II is true I is false; II is false
Modified wording is added in the audit report when * There is a substantial doubt about an entity's ability to continue as a going concern. An auditor wants to emphasize a certain matter Reference to the report on the audit of internal control for public companies. Auditor's opinion is based in part on the report of another auditor
when auditor client dispute arise during an audit engagement, another accounting firm is sometimes retained by the client and or/the existing auditor to provide an objective report on the issue on the center of the dispute - as happened during Deloitte's 1997 audit of Livent. Discuss and accounting firms responsibilities when it is retained to issue such a report.
Under PCAOB standards (AS 3101) approved in 2017, all U.S. public companies will be required to disclose whether any critical audit matter (CAM) arose during the current period audit or state that there was none. True False
The standard unqualified opinion based on the audit of a public company's financial statements includes a. A discussion of Key Audit Matters if KAMs are discovered. b. A reference to Key Audit Matters if no KAMs are discovered. c. A statement that the CPA firm is registered with the AICPA. d. An indication of how long the firm has served as the company's auditors. e. A Basis for Opinion section preceding the Opinion of Financial Statements section.
The AASC is an independent organization responsible for the creation and integration of the 10 Generally Accepted Auditing Standards (GAAS) A. True B. False Intended misstatement of amounts and disclosures on financial reports/statement A. Error B. Management Fraud
Kk110. Which of the following are characteristics of appropriate audit documentation? I. The documentation that describes the procedures performed is generic and vague. II. The documentation shows compliance with the standards and methodology. III. The documentation provides sufficient detail to enable anyone to understand the procedures performed. V. The documentation includes the results of the audit procedures performed, evidence obtained and purpose and source of the documentation. A. I and III B. I and IV C. II and III D. II and IV
Answer all items. incomplete answers will be given thumbs down
A group auditor decides not to take responsibility for the component auditor's audit of a subsidiary. The effect on the audit report is a. An additional paragraph to disclaim an opinion on the group auditor's audit. b. An additional paragraph qualifying an opinion on the group auditor's audit. c. A detail, in terms of dollars and percentages, of the group auditor's work in the Opinion section of the audit report. d. A detail, in terms of dollars and percentages, of the group auditor's work in the Basis for Opinion section of the audit report.