a. To whom is the audit report addressed? OTwitter's senior management team OPricewaterhouse Coopers' board of directors and stockholders Osecurities and Exchange Commission OTwitter's board of directors and stockholders OPricewaterhouse Coopers' senior management team b. Which of the following accurately describes the audit process or audit report? Select "Yes" for those that apply and "No" for those that don't apply. 1. Auditors express an opinion as to whether Twitter's financial statements Yes present a fair picture and are free from material misstatement. 2. Auditors express an opinion that there was not fraudulent activity at Twitter. No 3. Auditors' opinion is that there are no misstatements in the related notes to Yes Twitter's financial statements. 4. Auditors separately audited Twitter's internal controls over the financial reporting process. 5. Auditors examined most of Twitter's financial transactions to ensure they were accurate and not misstated. Yes No c. What sort of opinion, qualified or unqualified, did PricewaterhouseCoopers provide? unqualified d. PricewaterhouseCoopers provides two types of opinions in their report above. Which of the following accurately describes the scope of the two opinions? OFinancial statements and related footnotes. OMaterial and nonmaterial respects. OFinancial statements and internal controls over financial reporting. OFinancial and nonfinancial information. OGenerally Accepted Accounting Principles (GAAP) and Committee of Sponsoring Organizations of the Treadway Commission (COSO).
a. To whom is the audit report addressed? OTwitter's senior management team OPricewaterhouse Coopers' board of directors and stockholders Osecurities and Exchange Commission OTwitter's board of directors and stockholders OPricewaterhouse Coopers' senior management team b. Which of the following accurately describes the audit process or audit report? Select "Yes" for those that apply and "No" for those that don't apply. 1. Auditors express an opinion as to whether Twitter's financial statements Yes present a fair picture and are free from material misstatement. 2. Auditors express an opinion that there was not fraudulent activity at Twitter. No 3. Auditors' opinion is that there are no misstatements in the related notes to Yes Twitter's financial statements. 4. Auditors separately audited Twitter's internal controls over the financial reporting process. 5. Auditors examined most of Twitter's financial transactions to ensure they were accurate and not misstated. Yes No c. What sort of opinion, qualified or unqualified, did PricewaterhouseCoopers provide? unqualified d. PricewaterhouseCoopers provides two types of opinions in their report above. Which of the following accurately describes the scope of the two opinions? OFinancial statements and related footnotes. OMaterial and nonmaterial respects. OFinancial statements and internal controls over financial reporting. OFinancial and nonfinancial information. OGenerally Accepted Accounting Principles (GAAP) and Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Transcribed Image Text:We have audited the accompanying consolidated balance sheets of Twitter, Inc. and its subsidiaries (the "Company") as of December 31, 2018 and 2017, and
cash flows for each of the three years in the period ended December 31, 2018, including the related notes and financial statement schedule listed in the
index appearing under Item 15.2 (collectively referred to as the "consolidated financial statements”). We also have audited the Company's internal control
over financial reporting as of December 31, 2018, based on criteria established in Internal Control- Integrated Framework (2013) issued by the Committee of
Sponsoring Organizations of the Treadway Commission (COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of
December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in
conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework
(2013) issued by the COSO.
Transcribed Image Text:a. To whom is the audit report addressed?
OTwitter's senior management team
OPricewaterhouse Coopers' board of directors and stockholders
OSecurities and Exchange Commission
OTwitter's board of directors and stockholders
OPricewaterhouse Coopers' senior management team
b. Which of the following accurately describes the audit process or audit report? Select "Yes" for those that apply and "No" for those that don't apply.
1. Auditors express an opinion as to whether Twitter's financial statements
present a fair picture and are free from material misstatement.
2. Auditors express an opinion that there was not fraudulent activity at Twitter. No
Yes
3. Auditors' opinion is that there are no misstatements in the related notes to
Twitter's financial statements.
4. Auditors separately audited Twitter's internal controls over the financial
reporting process.
5. Auditors examined most of Twitter's financial transactions to ensure they
were accurate and not misstated.
Yes
Yes
No
c. What sort of opinion, qualified or unqualified, did PricewaterhouseCoopers provide?
unqualified
d. PricewaterhouseCoopers provides two types of opinions in their report above. Which of the following accurately describes the scope of the two opinions?
OFinancial statements and related footnotes.
OMaterial and nonmaterial respects.
OFinancial statements and internal controls over financial reporting.
OFinancial and nonfinancial information.
OGenerally Accepted Accounting Principles (GAAP) and Committee of Sponsoring Organizations of the Treadway Commission (COSO).
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