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3. A component auditor, which is a different accounting firm, may audit a component or subsidiary of the parent company. A. True B. False

3. A component auditor, which is a different accounting firm, may audit a component or subsidiary of the parent company. A. True B. False

FINANCIAL ACCOUNTING
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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3. A component auditor, which is a different accounting firm, may audit a component or subsidiary of the parent company. A. True B. False 4. Characteristics of a pervasive misstatement or scope limitation include that is it not confined to specific elements, accounts, or items of the financial statements. A. True B. False 5. If the subsidiary 's financial statements audited by the component auditor is a material amount of the group financial statements, the group engagement partner typically decides to reference the work completed by the component auditor in the audit report. A. True B. False
Transcribed Image Text:3. A component auditor, which is a different accounting firm, may audit a component or subsidiary of the parent company. A. True B. False 4. Characteristics of a pervasive misstatement or scope limitation include that is it not confined to specific elements, accounts, or items of the financial statements. A. True B. False 5. If the subsidiary 's financial statements audited by the component auditor is a material amount of the group financial statements, the group engagement partner typically decides to reference the work completed by the component auditor in the audit report. A. True B. False
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