4. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: Select one: a. President. b. Chief financial officer c. Chief operating officer d. Board of Directors.

4. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: Select one: a. President. b. Chief financial officer c. Chief operating officer d. Board of Directors.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 17MCQ

See similar textbooks

Related questions

Q: t o

A: The End product of an Audit is a report expressing the Auditor's Opinion on the client's financial…

Q: Who bears the responsibility of the preparation of company’s financial statements? A The…

A: The external auditors are responsible for the auditing of the company

Q: True or false the audit committee is responsible for overseeing the entire financial reporting…

A: SOLUTION EXPLANATION- THE PRIMARY PURPOSE OF COMPANY'S AUDIT COMMITTEE IS TO PROVIDE OVERSIGHT OF…

Q: From the options enunciated here under identify the external user of financial information. a.…

A: Users of financial information are categorised into 2 types external and internal users…

Q: 17. Which of the following is correct when a company is issuing summary financial statements…

A: Summary Financial Statement - Summary Financial Statement is the summary of entire financial…

Q: Which of the following are not the rights of the auditors? a) The right to all information and…

A: Option D none of the options given is the correct statement... All of the following are the rights…

Q: 3. Who bears ultimate responsibility for the financial statements? a. Management of the…

A: The preparation and presentation of the financial statement is soul responsibility of the management…

Q: Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and…

A: Helps to prepare the financial statements of companies is not an obligation or duties of an…

Q: Section 267 and 271 of the Companies Act 2016 respectively require for the private and public…

A: An company auditor is an authorized person that reviews and verifies the accuracy of financial…

Q: The primary responsible for the preparation of the financial statements is the: A. Internal Auditor…

A: The primary responsibility in preparation of financial statements is that of the management of the…

Q: The annual financial statements of all large, publicly owned corporations are audited.a. What is an…

A: a. Audit is the process of verification of the compliance of the financial statements. It process of…

Q: is included in the 'Other Information' of the auditor's report as per ISA 700 (Revised). O a. Names…

A: SOLUTION- IN THE PAST , THE AUDITOR SIGNED ABOVE THE FIRMS NAME. NOW THE ENGAGEMENT PARTNER OR TEAM…

Q: The official SSARS are applicable to engagements involvinga. Audited financial statements of public…

Q: Responsibility for the preparation of the financial statements as per applicable financial reporting…

A: Auditing is the verification of the financial statements prepared by inspecting the documents and…

Q: Which of the following is not a part of the role of internal auditors? a. Assisting the external…

A: "Hey, since there are multiple questions posted, we will answer the first question. If you want any…

Q: h audit committees. Required: a. Describe what an audit committee is. b. Identify the reasons…

A: Compliance of the Sarbanes-Oxley Act (SOX): • The Sarbanes-Oxley Act (SOX) was passed by the United…

Q: Financial statements of public companies are required to be audited by O an independent certified…

A: As per Bartleby's answer guidelines. One question is answered Audit of Public companies: As per the…

Q: It is the responsibility of the board of directors to: Ensure that the financial report is O…

A: The responsibilities of an auditor and the board of directors of a company differs with each others.…

Q: From the options given below identify the accounting data obtained by an auditor which are…

A: There are three types of audit opinions as follows: Unqualified opinion Qualified opinion Adverse…

Q: The authority to appoint first independent auditor is vested to __________ a. The shareholders b.…

A: The first auditor of a company shall be appointed by board of directors with 30 days from the date…

Q: Which of the following are rights of auditors? I. To access all accounting books and…

A: The Companies Act confers extensive powers on the auditor. Since, he is the agent of the…

Q: Which of the following procedures would provide the most reliable audit evidence? (in your response,…

A: Audit Evidence: The information gathered by an auditor to determine the correctness and conformity…

Q: Financial statements of public companies are required to be audited by ______. an independent…

A: As per law, the financial statements of public companies to be audited by independent certified…

Q: Q14 An audit of the financial statements of a company is referred to as a(n) a. Financial audit.…

A: Auditing is the examination of financial statements and transactions of a company. It is usually…

Q: Audit committee activities and responsibilities includewhich of the following?a. Selecting the…

A: Audit is the process of checking and verifying books of accounts in order to check authenticity and…

Q: Under which of the conditions below the auditor will make “an emphasis of matter” to the financial…

A: The question is related to Audit Report and the matters expressed by auditors. "An emphasis of…

Q: all of the following are the responsibilities of the auditor except : Select one: a. adopting sound…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: Describe the organization of public accounting firms and the composition of the audit teams

A: Public accounting firms: Public accounting firms are service organizations providing specialized…

Q: 13 From the options given below identify the duty of an auditor of a company a. All the options b.…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: Identify the major disclosures in the auditor's report and understand management's responsibilities…

A: An audit is an independent examination of the books of the accounts and financial statements whether…

Q: Become familiar with the several kinds of reports that go along with a company's financial…

A: Definition: PCAOB (Public Company Accounting Oversight Board): An independent auditor, sometimes…

Q: not the rights of the auditors

A: The statements a, b, c and d are wrong because they are the rights of the auditors. For the purpose…

Q: 3. Identify and briefly discuss the inherent limitations of an audit of the set of annual financial…

A: audit of financial statements - An audit is an independent examination of financial information of…

Q: ly the same m

A: Financial Statements: Financial statements are condensed summary of transactiions communiicated…

Q: Recognize the title of financial statement which is audited to know the total contribution of the…

A: Audit: The audit is the independent examination of financial statements to express an overall…

Q: An independent audit is important to readers of financial statements because it: a. determines…

A: 4. Audit is an independent examination of financial statements of an organisation inorder to express…

Q: The fair presentation of financial statements in conformity with applicable financial reporting…

A: The financial statements of the business includes balance sheet and income statement.

Q: Section 267 and 271 of the Companies Act 2016 respectively require for the private and public…

A: An company auditor is an authorized person that reviews and verifies the accuracy of financial…

Q: Understand the types of reports that accompany an entity’s financial statements and the content of…

A: Definition: Independent auditor: Independent auditor or external auditor is the accountant who is…

Q: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: The accuracy and the presentation of the Public listed companies financial reports is the primary…

A: Auditing is the official inspection of the books of a company and to make sure they are complying to…

Q: The Sarbanes-Oxley Act provides for requirements with respect to which committee(s) of a company's…

A: The Sarbanes-Oxley Act (or SOX Act) refers to a form of federal law incorporated by United states…

Question

14.

The auditors' report may be addressed to the company whose financial statements are being examined or to that company's:

Select one:
a. President.
b. Chief financial officer
c. Chief operating officer
d. Board of Directors.

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

Step 1 Introduction

VIEW

Step 2 Explanation

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Under which section in the auditor's report is stated that, "we have audited the financial statements of the company"? O a. Auditor's responsibilities for the audit of the Financial Statements paragraph O b. Opinion paragraph O c Basis for Opinion paragraph O d. Responsibilities of Management for the Financial Statements paragraph
Choose from the following the primary responsibility of an internal auditor is to _________ a. The Directors b. The Shareholder c. The Creditors d. The Management
9. Internal auditors are appointed by ______________ of the company. a. Legal advisers b. Shareholders c. Management d. All the given options
Audited financial statements are prepared by: Management O Company Salesmen O Directors Auditors
13. Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and accounting systems for efficiency b. Prepare detailed reports on audit findings c. Examine and evaluate financial and information systems d. Helps to prepare the financial statements of companies
The authority to appoint first independent auditor is vested to __________ a. The shareholders b. The board of directors c. The management d. The Central Government
Explain each of the following items:a. Staff Accounting Bulletins.b. Wraparound filing.c. Incorporation by reference.d. Division of Corporation Finance.e. Integrated disclosure system.f. Management’s discussion and analysis.g. Chief accountant of the SEC.
13 From the options given below identify the duty of an auditor of a company a. All the options b. Reporting on true and fair view of financial statements c. Evaluating of internal control system d. Compliance with the applicable law and regulation Clear my choice
The primary responsibility for the preparation of the financial statementsis reposed in A. AccountantB. Internal AuditorC. President of the EntityD. Management of the Entity
Which of the following tasks is a function of an audit committee? Select one: a. Making decisions regarding the purchase of company assets. b. Appointing the external auditor. c. Preparing the financial report for audit. d. Overseeing the application of appropriate accounting policies and procedures to ensure appropriate disclosure.
23-From the options given below identify the accounting data obtained by an auditor which are sufficient and appropriate to support his opinion on the financial statement assertions. O a. Audit Report O b. Engagement letter O c. Audit evidence O d. Audit opinion
Responsibility for the preparation of the financial statements as per applicable financial reporting framework is required to be disclosed under which of the following sections in the auditor's report? O a. Under auditor's responsibility O b. Under management's responsibility paragraph O c. Under basis for opinion paragraph O d. Under opinion paragraph