18-from the options given below identify which of the following is not responsibility of management towards auditor. a. Management should provide full access of all financial information to auditor b. Restricted access to personnel within entity c. Additional information that the auditor may require d. Information of minutes of the Board meetings

18-from the options given below identify which of the following is not responsibility of management towards auditor. a. Management should provide full access of all financial information to auditor b. Restricted access to personnel within entity c. Additional information that the auditor may require d. Information of minutes of the Board meetings

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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21. Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice.
{Auditing} 23. From the options given below, identify an opinion formed by an auditor when financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework. a. None of the options b. Unqualified opinion c. Negative opinion d. Qualified opinion
The responsibility for the financial statements rests A. jointly with the auditor and management B. solely with management C. with the internal audit function D. solely with the external auditor
3. Does a qualified opinion on management’s assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Please explain within 150 words. (To answer this question, please make sure you understand the terms “unqualified opinion” and “qualified opinion” in auditing.
43-From the options given below find out the end result of entire audit process O a. Gather audit evidences O b. None of the options O C. Analytical procedure O d. To satisfy Board of Directors
Briefly discuss the role of the control accounts in the identification of missing figures in the financial statements of organizations ?
16-In the context of documentation of the audit procedures performed and audit evidence obtained the ISA 230 says "Audit documentation is not a substitute for the entity's accounting records". Which one of the following statements is appropriately describing the documentation of the audit procedures performed and audit evidence obtained? a. None of the options correctly describe the statement b. Audit documentation is not required when accounting records are available c. Accounting records are not required when audit documentations are available d. Both accounting records and audit documentations are essential
14.Which of the following control objectives in the General Ledger activities under the Record-to-Report process is least likely to have more extensive audit procedures for a business in an industry with fewer regulations? Group of answer choices To ensure that the general ledger and management accounts are accurate, reliable, and appropriately reflect the structure and operations of the organization. To ensure that the accounting records are maintained in accordance with the prevailing laws, regulations, and professional good practice. To ensure that the accounting information can be used to generate all the required statutory published accounting statements. To ensure that the accounting data is capable of meaningful and accurate analysis to support management decisions and actions.
Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the responsibility ofa. The public accounting firm.b. Senior management.c. The audit committee.d. The PCAOB
5.Which of the following is not the function of audit committee?Single choice. (1 Point) To make recommendations about auditor's fee To advice the removal of the external auditors To look after the internal control in company All of above
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