A CPA audits the financial statements of an issuer. Which statement relating to CAMs is TRUE? a. If the auditor determines that no CAMs existed, the audit report includes a paragraph defining CAMs and stating that no Cams existed. b. CAMs are not required to be communicated to the TCWG (Audit Committee). c. CAMs usually alter the opinion on the financial statements. d. CAMs involve matters of most significance to the audit. e. The paragraph discussing a discovered CAM should not include how the CAM was addressed in the audit.
A CPA audits the financial statements of an issuer. Which statement relating to CAMs is TRUE? a. If the auditor determines that no CAMs existed, the audit report includes a paragraph defining CAMs and stating that no Cams existed. b. CAMs are not required to be communicated to the TCWG (Audit Committee). c. CAMs usually alter the opinion on the financial statements. d. CAMs involve matters of most significance to the audit. e. The paragraph discussing a discovered CAM should not include how the CAM was addressed in the audit.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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A CPA audits the financial statements of an issuer. Which statement relating to CAMs is TRUE?
a.
If the auditor determines that no CAMs existed, the audit report includes a paragraph defining CAMs and stating that no Cams existed.
b.
CAMs are not required to be communicated to the TCWG (Audit Committee).
c.
CAMs usually alter the opinion on the financial statements.
d.
CAMs involve matters of most significance to the audit.
e.
The paragraph discussing a discovered CAM should not include how the CAM was addressed in the audit.
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