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23
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Which
of
the
following
would
come
latest
in
the
proper
order
of
the
standard
unqualified
audit
report
for
public
companies?
O
An
indication
of
how
long
the
auditor
has
served
as
the
company's
auditor
-
O
The
critical
audit
matters
section
O
The
addressee
'
O
The
opinion
section
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Related Questions
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Paragraph
√
Assume that you are an audit senior in charge of planning the audit of an entity that your firm has audited for the previous four
years. During the audit planning meeting with the manager and partner in charge of the engagement, the partner noted that the
entity recently adopted an IT-based accounting system to replace its manual system. The manager and partner have limited
experience with IT-based accounting systems and are relying on you to help them understand the audit implications of the entity's
change. Consequently, they have asked you to respond to a few concerns regarding automated accounting systems.
Required:
a. In previous years, the audit firm has relied heavily on substantive procedures as a source of audit evidence for this
entity. Given that the entity now has changed its accounting system, what are some of the factors that you should
consider when deciding whether to move to a reliance strategy?
b. Under what conditions should the audit firm consider…
arrow_forward
ak
t
nces
Regarding Target's audit report:
a. Who is Target's auditor?
b. Did Target receive a "clean" (unmodified) audit opinion?
c. How many critical audit matters were discussed in Target's audit report?
a. Target's auditor
b. What audit opinion did Target receive?
c. How many critical audit matters were discussed in Target's audit report?
Ernst & Young LLP
"clean" (unmodified)
arrow_forward
Auditing Theory
Graded Assignment based on page 6
Questions to be answered: (Internal auditing & independent auditing compared)
True or False. Write true if the statement is correct, or false if the statement is incorrect. If true
explain why in at most two(2) sentences, and if false, correct the statement in at least one(1)
sentence.
a. The internal auditor is a company employee and a full-fledged CPA.
b. The main objective of the independent auditor is to fulfill the needs of the general public for
reliable financial statements.
c. Independent auditing is also known as compliance auditing.
d. Internal auditing is also known as operational auditing.
e. BIR auditing is also known as compliance auditing.
f. The internal auditor is directly concerned with the detection and prevention of fraud.
g. The independent auditor is also directly concerned with the detection of prevention of fraud,
just like the internal auditor.
h. Independent auditing is a "broken" activity, unlike internal…
arrow_forward
Question 3: (35 Marks)
As the in-charge senior auditor on the audit engagement for JA Tire Manufacturing for
the year ended December 31, 2019, you are responsible for auditing the revenue cycle.
The manager has instructed you to read JA Tire Manufacturing system provided on the
first tab of the Excel file "Appendix 1_JATireSales_Data" before attempting this audit to
familiarize yourself with the sales process and the relevant worksheets and terminology.
This file contains sales transaction information for the year ended December 31, 2019.
JA Tire has four sales divisions within Canada and sells primarily to large tire companies
with regional warehouses that subsequently distribute to local retailers. Based on some
of the risk assessment procedures already performed, you identified risks related to the
fact that salespersons receive a commission on sales to distributors and the
commission is calculated on a monthly basis. Your manager has asked you to perform
analytical procedures as a…
arrow_forward
9
The best audit opinion every company or client would desire on the audited financial statements is ____________
Question 9 options:
a)
Qualified Opinion
b)
Disclaimer Opinion
c)
Adverse Opinion
d)
Unmodified Opinion
arrow_forward
Financial audit Q&A
What is the name of accounts that has materiality limit of 1/2% to 1% applied?
arrow_forward
CASE STUDY: HARRISONS LTD
You are a new staff member of Monet & Associates, a mid-sized accounting firm and have been assigned to an engagement team that is conducting the financial report audit for Harrisons Ltd (Harrisons). The engagement team, under the guidance of the engagement partner, Vince Mater, is currently performing a preliminary risk assessment of the audit client. The following documents have been provided to you:
Memo from audit partner, Vince Mater, dated 6thJanuary 2020 which includes a summary of the initial audit procedures undertaken by the engagement partner for the 31 December 2019 audit.
A relevant industry outlook report provided by the Australian Construction Industry Forum published on 7 November 2019.
REQUIRED:
You have been asked to assess the inherent risk of the client and perform preliminary analytical procedures as part of the audit planning process in obtaining an understanding about the client’s business and indicate where there is an increased…
arrow_forward
Please Solve In 15mins I will Thumbs-up promise
arrow_forward
Question 2
You are the in-charge auditor for the Nelson Company engagem ent for the year ending
December 31, 2020. Nelson is a wholesale supplier of building materials and markets its
products to several major retail chains. After evatuating the company'sinternal-controis, you
decide that the prescribedcontrolsare notadequate, andassesscontrol riskut the maximum
level. Accordingly, you will rety entirety on substantivetests toverify the accounts receivable-
аnd reveнue baiances.
Required: Prepare an audit program that details the specific substantivetests you would apply
to Nelson's accounts receivable and revenue for the December 31, 2020 audit engagement.
arrow_forward
10
What is the name of the individual that carries out auditing for a company or client called? ______________
Question 10 options:
a)
Actuarial
b)
Professional
c)
Analyst
d)
Auditor
arrow_forward
>
Question 3
Please match the individual/group listed in the left hand column with the function he/she/they perform.
The Independent Auditor
The Compensation Committee
The Audit Committee
The CEO and the CFO
The Governance Committee
✓ [Choose ]
Issuing a report on the financial statements and ICFR
Pre-approving audit and non-audit services
Nominating new board members
Determining the salary of the CEO
Signing off on disclosure controls and ICFR
[Choose ]
[Choose ]
[Choose ]
arrow_forward
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Related Questions
- Font Paragraph √ Assume that you are an audit senior in charge of planning the audit of an entity that your firm has audited for the previous four years. During the audit planning meeting with the manager and partner in charge of the engagement, the partner noted that the entity recently adopted an IT-based accounting system to replace its manual system. The manager and partner have limited experience with IT-based accounting systems and are relying on you to help them understand the audit implications of the entity's change. Consequently, they have asked you to respond to a few concerns regarding automated accounting systems. Required: a. In previous years, the audit firm has relied heavily on substantive procedures as a source of audit evidence for this entity. Given that the entity now has changed its accounting system, what are some of the factors that you should consider when deciding whether to move to a reliance strategy? b. Under what conditions should the audit firm consider…arrow_forwardak t nces Regarding Target's audit report: a. Who is Target's auditor? b. Did Target receive a "clean" (unmodified) audit opinion? c. How many critical audit matters were discussed in Target's audit report? a. Target's auditor b. What audit opinion did Target receive? c. How many critical audit matters were discussed in Target's audit report? Ernst & Young LLP "clean" (unmodified)arrow_forwardAuditing Theory Graded Assignment based on page 6 Questions to be answered: (Internal auditing & independent auditing compared) True or False. Write true if the statement is correct, or false if the statement is incorrect. If true explain why in at most two(2) sentences, and if false, correct the statement in at least one(1) sentence. a. The internal auditor is a company employee and a full-fledged CPA. b. The main objective of the independent auditor is to fulfill the needs of the general public for reliable financial statements. c. Independent auditing is also known as compliance auditing. d. Internal auditing is also known as operational auditing. e. BIR auditing is also known as compliance auditing. f. The internal auditor is directly concerned with the detection and prevention of fraud. g. The independent auditor is also directly concerned with the detection of prevention of fraud, just like the internal auditor. h. Independent auditing is a "broken" activity, unlike internal…arrow_forward
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Recommended textbooks for you
- Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning

Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning