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Exam (elaborations)
CPA AUD Certification Exam Questions and CORRECT Answers
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Top-down approach:Financial statement level - entity level - account balance Who is responsible for counting the inventory in substantive test?Client, Not Auditor Use proof of authorization of BOD about investment -- controls related to investment Unqualified opinion maybe expressed if auditor did not find any (Integrated audit)Material weaknesses in internal controls (significant deficiences still okay) Significant deficienciesImportant enough to merit attention by those charged with governance. Material weaknessesReasonable possibility that material misstatement of entities financial statement will not be prevented or detected or corrected in timely basis
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