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

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

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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Explain the auditor's role in ensuring that rules and regulations are followed. How does this obligation vary for laws and regulations that have a direct impact on financial statements vs those that do not?
Do auditors have an obligation to report on (a) audited financial statements and (b) any additional information required by law?
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 officerc. Chief operating officerd. Board of Directors.
The standard unqualified opinion based on the audit of a public company's financial statements includes a. A discussion of Key Audit Matters if KAMs are discovered. b. A reference to Key Audit Matters if no KAMs are discovered. c. A statement that the CPA firm is registered with the AICPA. d. An indication of how long the firm has served as the company's auditors. e. A Basis for Opinion section preceding the Opinion of Financial Statements section.
Which of the following best describes the general contents of the introductory paragraph of the auditors’ report?a. A description of an audit examination, including the fact that the audit was conducted under standards established by the PCAOB.b. The auditors’ conclusion with respect to the fairness of the entity’s financial statements.c. Statements identifying the responsibility of auditors and management in the financial reporting process.d. The auditors’ conclusion with respect to the effectiveness of the entity’s internal control over financial reporting.
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 standard unmodified auditors' report generally refers to both accounting principles and auditing standards. In which of the sections are these terms used? O Auditing standards in management responsibilities and opinion paragraphs and accounting principles in the auditor's responsibilities. O Accounting principles in management responsibilities, opinion paragraph, and auditor's responsibilities, and audit standards in the auditor's responsibilities. O Auditing standards in management responsibilities, opinion paragraph, and auditor's responsibilities, and accounting principles in the auditor's responsibilities. O Accounting principles in management responsibilities and opinion paragraphs and audit standards in the basis for opinion and auditor's responsibilities sections.
Who is the auditor for Target? What type of opinion are they giving on Target’s financial statements? (page 32) Refer to “Types of Auditor’s Opinions document.
Which of the following statements about the auditor's responsibilities in public company audits is true as covered by the PCAOB? A. The auditor issues an opinion on the financial statements and management issues the opinion on internal control over financial reporting. B. The auditor issues an opinion on the financial statements only if internal control over financial reporting is found to be effective. C. The auditor issues an opinion on the financial statements; if those are found to be fairly stated, the auditor proceeds to issue an opinion on internal control over financial reporting. D. The auditor issues opinions on the financial statements and internal control over financial reporting.
For a subsequent event condition existing on or before the balance sheet date, the auditor should Group of answer choices Consider a note disclosure Report to audit committee Alert shareholders directly Adjust financial statement amounts
Distinguish between management’s and the auditor’s responsibility for the financial statements being audited.
The statement that the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the auditor's opinion is in what section of the new auditor's report? a.Responsibilities for the Financial Statements. b.Basis for Opinion. c.Auditor's responsibility. d.Opinion Paragraph.