You have been appointed as an external auditor of XYZ Textile Limited and completed the audit. You did not find any material misstatement in financial statements of the XYZ Textile Ltd. You are required to write audit report.

Q: What will the auditor NOT consider when reaching a conclusion on the results of substantive…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

Q: R. Wolfe became the new auditor for Royal Corporation, succeeding C. Mason, whoaudited the financial…

A: R. Wolfe became the new auditor for Royal Corporation, succeeding C. Mason, whoaudited the financial…

Q: Briefly explain the definition of Audit Evidence.

A: The quality of an audit is determined by audit evidence. If audit evidence is complete and reliable…

Q: a) Discuss the procedures to be followed by you at the time of examining the evidences? b) How can…

A: Audit inquiry: An auditor questions management about specific business transactions or occurrences…

Q: Consider the following independent events. Assume that each event is material. For each of the…

A: The answer for the question on material misstatements in the audit report is discussed hereunder :…

Q: Auditors make materiality judgments during the planning/risk assessment phase of the audit to be…

A: Introduction: An auditor verifies the authenticity of commercial transactions that have been…

Q: Audit quality has been in the hot seat in recent times as the registered company auditors had not…

A: To maintain, regulate, and improve the standards of accounting and auditing and to look after the…

Q: Describe the audit opinion that should be given and explain why. a) The client estimated its…

A: Every Business works on credit sales. It is obvious that some debtors may turn into bad debts at a…

Q: services com rnal auditors presented the

A: Control environment component. Monitoring activities component. Control environment component.…

Q: If subsequent to the issuance of the audited financial statements, the auditor becomes aware of…

A: Audited financial statements are those that are properly examined by the professional called…

Q: action which can be taken by SAICA against the external auditor if he/she applied negligence in…

A: The action that can be taken by SAICA ( South African Institute of Chartered Accountants) against…

Q: Explain what are the main procedures you would have to perform to place reliance on the work of the…

A: Relying on past auditors' work entails using those auditors' conclusions and methods as the basis…

Q: hich of the following is most likely to be included in a public company financial statement audit…

A: Audit report is a written document which is written by the auditor. An auditor is an independent…

Q: Stewart Jones is reviewing the results of the subsequent events audit procedures. Stewart is writing…

A: a) Issuance of shares through a private placement offer becomes a part of the Type 2 event. This is…

Q: During the audit of Seahorse LLC, the external auditors, Packhorse CPAs, have just completed their…

A: The correct response is:c. Upon completion of the audit of internal controls, the auditing firm…

Q: Khalid has appointed as an auditor of Gulf Trading Company. Which of the following is the general…

A: In terms of audit-proof reliability, ISA 500 lays out a variety of generalization, including the…

Q: Corrective action has been taken by an auditee immediately after the identification of a reportable…

A: Auditors may come across various errors which they may refer to the management.  Management also…

Q: 1 are an au it senior ha

A: Contingent means an event that may occure in future.…

Q: not true about an audit report for an issuer

A: First option is wrong because the statement is true. The audit report of an issuer company describes…

Q: STATEMENT 1: Most of the information included in the permanent file are accumulated during the…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: To correct all errors they discover in the accounting records for the year under audit. The auditors…

A: The auditor has a responsibility to plan and perform the audit to obtain reasonable assurance about…

Q: You are the partner responsible for the audit of ABC Co, for the year ended 30th April, 2014. The…

A: Emphasis of Matter passage – A section remembered for the reviewer's report that alludes to an issue…

Q: PCAOB standards are used to conduct the audit for public companies. True False

A: Note: Since you have asked multiple question, we will solve the first question for you. If you want…

Q: Whilst auditing the Long-Term Investments account of Brownllow Medal Ltd., the auditor has been…

A: Disclaimer of Opinion is issued when the auditor is unable to obtain sufficient and appropriate…

Q: he internal audit director received an annual bonus as part of that individual’s compensation…

A: The internal audit activity must be independent, and internal auditors must be objective in…

Q: Auditing

A: Auditing and auditors have key roles in discovering financial irregularities. Auditors scrutinize…

Q: Bright Star (Pty) Ltd is considering issuing corporate bonds and must have their financial…

A: a) Steps an Auditor Would Take to Give Bright Star (Pty) Ltd's Prospective Investors…

Q: Imagine Mr Mohammed Azam is a renowned auditor at Muscat in Sultanate of Oman. He conducts audit of…

A: Audits in Oman are governed by international auditing standards (ISAs)

Q: Requirement: Explain the implications of the above issues and your responsibility as an auditor.

A: Implications of the above issue:  GAAP is the generally accepted accounting principles i.e…