As per ISA 570, Who of the following is responsible for assessing the entity going concern assumption? Assessment of entities going concern is responsibility of shareholder. Assessment of entities going concern Assessment of entities going concern is responsibility of auditor. Assessment of entities going concern is responsibility of both management and auditor. responsibility of management.

As per ISA 570, Who of the following is responsible for assessing the entity going concern assumption? Assessment of entities going concern is responsibility of shareholder. Assessment of entities going concern Assessment of entities going concern is responsibility of auditor. Assessment of entities going concern is responsibility of both management and auditor. responsibility of management.

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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Consider FASB Concepts Statement No. 8, as amended. What are the conceptual issues underlying financial reporting in determining how the coronavirus event should be reported and disclosed in the financial statements? How does it relate to the measurement of potential costs to the business including contingencies? Explain the accounting and auditing issues related to the coronavirus event with respect to accurately determining reportable amounts and disclosures of events. Which group(s) represent the public interest with respect to accounting for the events surrounding the coronavirus and what are their interests? Based on what you know to date, evaluate whether the crisis has been handled properly by the various stakeholders. Use ethical reasoning to support your view.
In which of the following circumstances does not require auditors to modify the content of the standard report on the entity's financial statements? The auditors reference component auditors O who examined a subsidiary of group financial statements.
The existence of significant influence by an investor is usually evidenced in one or more of the following ways, except: Representation on the board of directors or equivalent governing body of the investee Participation in the policy-making process The power to govern with financial and operational policies of the entity Provision of essential technical information
Which of the following is more likely to occur when an entity has effective internal controls? Select all that apply. unreliable financial reporting O effectiveness of operations O compliance with laws O achieve strategic objectives O achieve operating objectives
Entity-level controls can have a pervasive effect on the entity's ability to meet the control criteria. Which one of the following is not an entity-level control? A. The period-end financial reporting process B. Controls to monitor results of the operations C. Controls to monitor the inventory taking process D. Management's risk assessment process
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
The fair presentation of financial statements in conformity with applicable financial reporting framework is the responsibility of the Shareholders Management Auditors Board of Directors
What type of audit objectively obtains and evaluates evidence regarding assertions about economic actions and events to ascertain the degree of correspondence between those assertions and established criteria? This type also communicates the results to interested users.
Which of the following is NOT included in the concept of internal control? O entity's resources O entity's processes O entity's culture O entity's external auditors
**Objective Question:** Which type of audit primarily focuses on ensuring that an organization complies with relevant laws, regulations, and internal policies? A) External audit B) Tax audit C) Compliance audit D) Forensic audit
Distinguish between management’s and the auditor’s responsibility for the financial statements being audited.
Which one of the following states that business record must be supported by documentary evidence? O a. Business Entity Assumption O b. Matching Concept O c. Dual Aspect Concept O d. Verifiable objective Assumption