- Study guides, Class notes & Summaries

Responsibilities of an auditor include: correct answers - Complying w/ relevant ethical requirements - Maintaining professional skepticism & exercising professional judgement throughout the planning & performance of the audit - Appropriate competence & capabilities to perform the audit To obtain reasonable assurance, an auditor should: correct answers Plan the work & properly supervise any assistants In certain audit engagements, the auditor may be required to comply w/ auditing requirem...

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22 pages

Written in 2024/2025

Grade A+

SirAnton

when Failure to include SCF, which opinion is most likely appropriate? correct answers Qualified Opinion, since it is part of the basic Financial statements Audit report of issuer FS need to contain which of the following? correct answers 1. Refer to the standards of PCAOB 2. Title includes " Report of independent registered Public Accounting Firm 3. Contain the city and state of the office issuing report 4. A statement regarding auditor's independence. What should group auditor d...

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15 pages

Written in 2024/2025

Grade A+

SirAnton

Under which of the following circumstances would a disclaimer of opinion not be appropriate? correct answers Management does not provide reasonable justification for a change in accounting principle. When qualifying an opinion due to an inability to obtain sufficient appropriate audit evidence, an auditor of a nonissuer should include the reasons for that inability to obtain sufficient information in: correct answers No, Yes An auditor may issue a qualified opinion under which of the follo...

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16 pages

Written in 2024/2025

Grade A+

SirAnton

Existence Assertion correct answers Assets/revenues: whether the account actually exists & they are not overstated Completeness Assertion correct answers Liabilities/expenses: whether the items were actually recorded & the accounts are not understated Confirmations correct answers -provide evidence of existence -2 forms of confirmation: positive & negative (blank) -electronic confirmations must be verified & non-responses must be followed up or alt procedures (if not GAAP problem) Rev...

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29 pages

Written in 2024/2025

Grade A+

SirAnton

Subsequent Event Procedures that auditor should perform (acronym) correct answers PRIME P - Post balance sheet transactions R - Representation Letter (management rep. letter) I - Inquiry M - Minutes (review minutes) E - Examine latest interim financial statements "Prime" responsibility for subsequent events U LIAR CPA correct answers Review performance requirements: Understanding with the client Learn and/or obtain knowledge of the entity's business Inquiry of management...

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18 pages

Written in 2024/2025

Grade A+

SirAnton

Sufficient audit evidence correct answers auditor needs to use professional judgement to determine Sufficiency is influenced by: RMM (more risk = more evidence) quality of the audit evidence (low quality = more evidence) Appropriate audit evidence correct answers Reliability - auditors direct personal knowledge and observation, external evidence, internal evidence, oral evidence Relevance - evidence related to the assertion under consideration. depends on the design of the audit pr...

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22 pages

Written in 2024/2025

Grade A+

SirAnton

Management's Responsibility Design Implementation Maintenance (MR DIM) correct answers Management's Responsibility for the Financial Statement audit report paragraph should include: Auditor should examine: Analytical procedures Debt compliance Minutes Inquiry of client's legal counsel Third parties Subsequent events review (ADMITS) correct answers Auditor's procedures to determine going concern: Financial difficulties Internal matters Negative trends External mat...

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10 pages

Written in 2024/2025

Grade A+

SirAnton

The client did not furnish adequate evidence for the auditor to evaluate the internal controls over inventory. All other evidence was provided. correct answers Issue a disclaimer of opinion The auditors examined the client's internal controls over cash receipts and concluded that they are operating exactly as designed. However, the design of the controls does not include control procedures to prevent misstatements and the potential omission of cash receipts. correct answers Determine if th...

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14 pages

Written in 2024/2025

Grade A+

SirAnton

Existence Assertion - ACCURATE ANSWERS Assets/revenues: whether the account actually exists & they are not overstated Completeness Assertion - ACCURATE ANSWERS Liabilities/expenses: whether the items were actually recorded & the accounts are not understated Confirmations - ACCURATE ANSWERS -provide evidence of existence -2 forms of confirmation: positive & negative (blank) -electronic confirmations must be verified & non-responses must be followed up or alt procedures (if not GAAP proble...

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44 pages

Written in 2024/2025

Grade A+

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55 pages

Written in 2023/2024

Grade A+

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