Exam |Elaborated| ACCT 212 Financial Accounting - Auditing and Business Concepts-Final Exam for 2021.

Exam |Elaborated| ACCT 212 Financial Accounting - Auditing and Business Concepts-Final Exam for 2021. ACCT 212-Financial Accounting - Auditing and Business Concepts-Final Exam for 2021Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wordingList the seven parts of a standard unqualified audit report and explain the meaning of each part. How do the parts compare with those found in qualified report?What are the purposes of the scope paragraph in the auditor’s report? Identify the most important information included in the scope paragraph.What are the purposes of the opinion paragraph in the auditor’s report? Identify the most important information included in the opinion paragraph.On February 17, 2006, a CPA completed the field work on the financial statements for the Buckheizer Technology Corporation for the year ended December 31, 2005. The audit in satisfactory in all respects except for the existence of a change in accounting principle from FIFO to LIFO inventory valuation., which results in an explanatory paragraph to consistency. On February 26, the auditor completed the tax return and the draft of the financial statements. The final audit report was completed, attached to the financial statements, and delivered to the client on March 7. What is the appropriate date on the auditor’s report?What five circumstances are required for a standard unqualified report to be issued?Describe the additional information included in the introductory, scope, and opinion paragraphs in a combined audit report on financial statements and the effectiveness of internal control over Comprehensive Material Series financial reporting. What is the nature of the additio