Principles Of Auditing & Other Assurance Services
21st Edition
ISBN: 9781259916984
Author: WHITTINGTON, Ray, Pany, Kurt
Publisher: Mcgraw-hill Education,
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Chapter 19, Problem 29KOQ
To determine
Identify the report where the CPA should not express negative assurance.
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For entities reporting financial statements on the basis of IFRS, what sources of guidance should such entities consider with regard to the selection and application of accounting policies? Be sure to cite specific authoritative literature to justify your answer.
Don't
1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts?
2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?
TRUE OR FALSE
1. The application of PFRSs, with additional discostire when necessary, is presumed to result in financial statements that achieve a fair presentation.
2. According to PAS 1, an entity shall make an explicit and unreserved statement of compliance with the PFRSs in the notes only if the entity complies with all the requirements of PFRSS.
3. PAS 1 encourages, but does not require, the presentation of the preceding year's financial statements as comparative information to the current year's financial statements.
4. According to PAS 1. assets and liabilities or income and expenses are offset, unless separate presentation is required or permitted by a PFRS
5. According to PAS 1, PFRSs apply to financial statements as well as to other information presented in an annual report a regulatory filing or another document.
6. According to PAS 1, the line item "Cash and cash equivalents" should always be presented first in the statement of financial position.
7. PAS1…
Chapter 19 Solutions
Principles Of Auditing & Other Assurance Services
Ch. 19 - Prob. 1RQCh. 19 - Prob. 2RQCh. 19 - Prob. 3RQCh. 19 - Prob. 4RQCh. 19 - Prob. 5RQCh. 19 - Prob. 6RQCh. 19 - Prob. 7RQCh. 19 - Prob. 8RQCh. 19 - Prob. 9RQCh. 19 - Prob. 10RQ
Ch. 19 - Prob. 11RQCh. 19 - Prob. 12RQCh. 19 - Prob. 13RQCh. 19 - What are the types of procedures performed during...Ch. 19 - Prob. 15RQCh. 19 - Prob. 16RQCh. 19 - Prob. 17RQCh. 19 - What procedures are required when a CPA performs a...Ch. 19 - Prob. 19RQCh. 19 - What should the accountants do if they discover...Ch. 19 - Prob. 21RQCh. 19 - Prob. 22RQCh. 19 - Prob. 23QRACh. 19 - Prob. 24QRACh. 19 - Prob. 25QRACh. 19 - Prob. 26QRACh. 19 - In connection with a public offering of...Ch. 19 - Prob. 28QRACh. 19 - Prob. 29AOQCh. 19 - Prob. 29BOQCh. 19 - Prob. 29COQCh. 19 - Prob. 29DOQCh. 19 - Prob. 29EOQCh. 19 - Prob. 29FOQCh. 19 - Prob. 29GOQCh. 19 - Prob. 29HOQCh. 19 - Prob. 29IOQCh. 19 - Prob. 29JOQCh. 19 - Prob. 29KOQCh. 19 - Prob. 29LOQCh. 19 - Prob. 30OQCh. 19 - Prob. 31OQCh. 19 - Prob. 32OQCh. 19 - Prob. 33OQCh. 19 - Prob. 34OQCh. 19 - Jiffy Clerical Services is a company that...Ch. 19 - Prob. 36PCh. 19 - Prob. 37AITCCh. 19 - Prob. 37BITCCh. 19 - Prob. 37CITCCh. 19 - Prob. 37DITCCh. 19 - Prob. 38RDC
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- 4. Which statement is correct concerning compliance with PFRS?I An entity whose financial statements comply with PFRS shall make an explicit and unreserved statement of such compliance in the notes.II An entity shall not describe financial statements as complying with PFRS unless they comply with all the requirements of each applicable PFRS.a. I onlyb. II onlyc. Both I and IId. Neither I nor II 5. Which information is not included in the “notes to financial statements”?a. Statement of compliance with PFRSb. Statement of measurement basis and accounting policies usedc. Supporting computation for line items presented and aggregatedd. Cash Flows 6. These are defined as “the specific principles, methods, practices, rules, bases and conventions adopted by an entity in preparing and presenting financial statements.a. Contingencies and commitmentsb. Notes to financial statementsc. Nonfinancial disclosuresd. Accounting Policiesarrow_forwardWhich is not a purpose of the IASB’s Conceptual Framework? -To assist auditors in forming an opinion as to whether financial statements conform to generally accepted accounting principles (GAAP). -D. To assist all parties to understand and interpret standards. To assist the IASB to develop IFRS standards that is based on consistent concepts. -To assist preparers to develop consistent accounting policies when no -----Standard applies to a particular transaction or other event, or when a standard allows a choice of accounting policy. Accounts Receivable when classified as trade will always be a? -Long Term Asset -Current Asset -Historical Asset -Non-Current Asset Which of the following statements describing a corporation is not true? -Shareholders own the business and manage its day-today affairs. -A corporation is subject to a greater governmental regulation than a single proprietorship or partnership. -Shareholders…arrow_forwardPSA 570 (Going Concern) states that a fundamental principle in the preparation of financial statements is the going concern assumption. Under this assumption, an entity is ordinarily viewed as continuing in business for the foreseeable future with neither the intention nor the necessity of liquidation, ceasing trading or seeking protection from creditors pursuant to laws and regulations. The responsibility to make an assessment of an entity's ability to continue as a going concern rests with the Auditor Entity's management SEC Entity's creditorsarrow_forward
- Which of the following is not correct about special purpose financial statements? O a. This type of statement is usually required by a shareholder O b.A special-purpose financial statement is a financial report that is intended for presentation to a limited group of users O . This type of statement is usually required by a government entity O d. Special-purpose financial statements may or may not be prepared in accordance with a financial reporting frameworkarrow_forwardwhich of the following in not related to standards of reporting Select one: a. The report shall identify those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period b. The report shall state whether the financial statements are presented in accordance with generally accepted accounting principles c. The report shall contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed d. A sufficient understanding of internal control is to be obtained to plan the audit and to determine the nature, timing, and extent of tests to be performed. e. All Of the above are standards of reportingarrow_forwardISRE 2400: Engagements to Review Historical Financial Statements providesguidelines for the practitioners to perform review engagement. The practitioners’ conclusion is based on the limited assurance obtained that an entity’s financialstatements are in accordance with an applicable financial reporting framework. (i) Distinguish between a review of financial statements and an auditengagement.(ii) The practitioner should plan and conduct a review engagement with anattitude of professional scepticism. Provide your comments.arrow_forward
- Which of the following information would be included in the introductory paragraph of the auditors’ report on internal control over financial reporting if the report is presented separately from the auditors’ report on the entity’s financial statements?a. The fact that the auditors conducted an audit of the entity’s financial statements.b. The definition of a material weakness in internal control over financial reporting.c. Statements identifying the responsibility of the auditors and management for internal control over financial reporting.d. A reference to the auditors’ report and opinion on the entity’s financial statements.arrow_forwardWhat is the main purpose of information presented in notes to the financial statements? • To provide disclosures required by generally accepted accounting principles. To correct improper presentation in the financial statements. To provide recognition of amounts not included in the totals of the financial statements. To present management's responses to auditor comments.arrow_forwardWhich is NOT the function of an auditor? a. To give a true and fair view b. To ensure compliance to statutory acts applicable c. To do independent examination of books of accounts d. To prepare financial statementsarrow_forward
- A misstatement in the financial statements can be considered material if knowledge of themisstatement will affect a decision of A. an accountant. B. the PCAOB. C. the SEC. D. a reasonable user of the financial statementsarrow_forwardExplain the auditor's role in ensuring that rules and regulations are being followed. For laws and regulations that have a direct impact on financial reporting, how is this obligation different from other laws and regulations that have no direct impact on financial reporting?arrow_forwardExplain the auditor's role in ensuring that rules and regulations are followed. How does this obligation vary for laws and regulations that have a direct impact on financial statements vs those that do not?arrow_forward
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