FINANCIAL ACCOUNTING
10th Edition
ISBN: 9781259964947
Author: Libby
Publisher: MCG
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- Describe the major changes to the Auditor's Report as recommended by ASB (Auditing Standards Board ) of AICPA? Critically analyze the impact of these changes on auditors.arrow_forwardConsider 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 falsearrow_forwardwhen 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.arrow_forward
- 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.arrow_forward25. Which of the following would not be included in an accountant's review report on the financial statements of a nonpublic entity? Group of answer choices A statement that the review was made in accordance with generally accepted auditing standards. A statement that all information included in the financial statements is the representation of management. A statement describing the principal procedures performed. A statement describing the auditor's conclusions based on the results of the review.arrow_forwardA 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.arrow_forward
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