Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
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Question
Chapter 3, Problem 7RQ
To determine
Compare the wording in the standard unmodified opinion audit report for a non-public entity under AICPA auditing standards with wording for a public company audit under PCAOB auditing standards.
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Regarding Target’s audit report:a. Who is Target’s auditor?b. Did Target receive a “clean” (unmodified) audit opinion?
In audit reporting, what does an unqualified opinion mean?
Which of the following is not considered to be part of the audit evidence? Auditor information gleaned from stock exchanges Accounting records include information. Third-party confirmation Procedures for quality control at the audit firm's acceptance and continuation
Chapter 3 Solutions
Auditing And Assurance Services
Ch. 3 - Prob. 1RQCh. 3 - Prob. 2RQCh. 3 - Prob. 3RQCh. 3 - Prob. 4RQCh. 3 - Prob. 5RQCh. 3 - Prob. 6RQCh. 3 - Prob. 7RQCh. 3 - Prob. 8RQCh. 3 - Prob. 9RQCh. 3 - Prob. 10RQ
Ch. 3 - Prob. 11RQCh. 3 - Prob. 12RQCh. 3 - Prob. 13RQCh. 3 - Prob. 14RQCh. 3 - Distinguish between a report qualified due to a...Ch. 3 - Prob. 16RQCh. 3 - Prob. 17RQCh. 3 - Prob. 18RQCh. 3 - Prob. 19RQCh. 3 - Prob. 20.1MCQCh. 3 - Prob. 20.2MCQCh. 3 - Prob. 20.3MCQCh. 3 - Prob. 21.1MCQCh. 3 - Prob. 21.2MCQCh. 3 - Prob. 21.3MCQCh. 3 - Prob. 22.1MCQCh. 3 - Prob. 22.2MCQCh. 3 - Prob. 22.3MCQCh. 3 - Prob. 23DQPCh. 3 - Prob. 24DQPCh. 3 - Prob. 25DQPCh. 3 - Prob. 26DQPCh. 3 - Prob. 28DQPCh. 3 - Prob. 29DQP
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- Why is the Auditing Standards Board’s set of management assertions important to auditors? Dothese assertions differ from those included in PCAOB standards? If so, how are they different?arrow_forwardWhich of the following is not required by generally accepted auditing standards?a. Written representations.b. Attorney letter.c. Management letter.d. Engagement letterarrow_forwardWhat exactly is an unqualified opinion in the context of audit reporting?arrow_forward
- What is an unqualified opinion in Audit reporting?arrow_forwarda. Discuss in detail how Enron Scandal influenced the "true and fair view" concept in auditing. Support your answer with the relevant resource(s).arrow_forwardWhat are the auditor’s responsibilities to communicate information to the audit committee under PCAOB standards? If the auditor discovers that the audit committee routinely ignores such communications especially when they are critical of management’s use of GAAP in the financial statements, what step(s) might the auditor take at this point?arrow_forward
- Which of the following statements is not true with respect to the audit examinations andreports for public and nonpublic entities?a. Audit examinations for nonpublic entities are based on user demand but based on legislative requirements for public entities.b. The reports for both public and nonpublic entities express an opinion on the entity’sfinancial statements.c. Auditors are required to express an opinion on internal control in the audit of nonpublicentities but not in the audit of public entities.d. Management is responsible for the fairness of the financial statements for both publicentities and nonpublic entities.arrow_forwardDiscuss the difference between the Audit Committee Report and Auditors Report. What is the basic information discussed in these two reports?arrow_forwardWhich of the following is not part of audit evidence? Information gathered by the auditors from stock exchange Information contained in the accounting records Confirmation from third parties Audit firm quality control procedure for client acceptance and continuationarrow_forward
- Which of the following statements is/are true with regard to Audit? (A) Auditing is as old as accounting (B) An audit is a type of assurance servicearrow_forwardIn the auditing process Select one: a. the criteria for evaluating information will not vary depending on the information being audited. b. the audit report communicates the auditor's findings to users. c. the types and amounts of evidence remain constant from audit to audit d. evidence are gathered by the auditor to determine whether the audited information is stated in accordance with SEC standards.arrow_forwardWhy are auditors' reports important to users of financial statements and why it is desirable to have standard wording for the audit report?arrow_forward
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