4E4 - Required Supplementary Information (RSI)

9. The primary responsible for properly applying GAAP lies witha. External auditorb. Managementc. Internal auditord. National accounting organization

Accounting information is O A. comparable O B. verifiable OC. relevant O D. understandable _when various, independent experts are able to reach a consensus that it provides a faithful portrayal. (...)

Accounting Question

(a) ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an auditor's report. This report should contain a mnumber of consistent elements so that users are able to understand what the auditor's report means. Required: (i) Identify what a key audit matter (KAM) is and explain how the auditor determinesand communicates KAM. (ii) Select any (5) FIVE elements of an unmodified auditor's report and for each explain why they are included.

Problem 5: Identify the correct description to the Presentation and Disclosure-Related Audit Objective: PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES DESCRIPTION 1. Occurrence and rights and obligations A. The note disclosures are accurate and their values are correct. 2. Completeness B. The account balances are correctly classified and the related financial statement disclosures are easy to understand. C. The information related to the accounts, as described in the note disclosures, do exist and represent the rights and obligations of the company. 3. Accuracy and valuation 4. Classification and understandability D. All disclosures, that are required, are included in the financial statement footnotes. PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 1. PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 2. PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 3. PRESENTATION AND DISCLOSURE-RELATED AUDIT OBJECTIVES 4.

When reporting under GAAS, certain statements are required in all auditors’ reports(“explicit”) and others are required only under certain conditions (“implicit”). Which combination that follows correctly describes the auditors’ responsibilities for reporting?LO 12-1(a) (b) (c) (d)1. GAAP Explicit Explicit Implicit Implicit2. Consistency Implicit Explicit Explicit Implicit3. Going concern Implicit Implicit Explicit Explicit4. Opinion Explicit Explicit Implicit Implicit