Which of the following aspects are required to be included in the basis for opinion section in the auditor's report? O a. Statement that an auditor is dependent of the entity in accordance with the relevant ethical requirements relating to an audit O b. Statement that the audit was conducted in accordance with Standards on Auditing O c. Statement that the financial statements have been audited O d. Statement whether the management (client) believes that the audit evidence an auditor has obtained is sufficient and appropriate to provide a basis for the auditor's opinion

Which of the following aspects are required to be included in the basis for opinion section in the auditor's report? O a. Statement that an auditor is dependent of the entity in accordance with the relevant ethical requirements relating to an audit O b. Statement that the audit was conducted in accordance with Standards on Auditing O c. Statement that the financial statements have been audited O d. Statement whether the management (client) believes that the audit evidence an auditor has obtained is sufficient and appropriate to provide a basis for the auditor's opinion

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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According to the professional standards of practice, Internal Auditors demonstrate due professional care by: 1) In planning the audit, determining the extent of work needed to achieve the engagement's objectives. 2) Understanding the adequacy and effectiveness of governance, risk and related control processes. 3) Determining the relative complexity, materiality, or significance of matters to which assurance procedures are applied. 4) All of the above. 5) Only items 1 and 2.
When auditors become aware of noncompliance with a law or regulation committed byclient personnel, the primary reason that the auditors should obtain a better understanding ofthe nature of the act is toa. Recommend remedial actions to the audit committee.b. Evaluate the effect of the noncompliance on the financial statements.c. Determine whether to contact law enforcement officials.d. Determine whether other similar acts could have occurred.
The objectives of the audit includes the following, except: a. To enable an auditor to express an opinion b. Determination of the true and fair view of the financial position c. To assure the future viability of the enterprise d. The review and assessment of the conclusions drawn from the audit evidence obtained
1. Johnson & Johnson CPAs, is considering accepting an engagement to perform an audit for a new client, whose prior period financial statements had been audited by another CPA. Johnson & Johnson would like to make certain that they understand the auditor's objective in conducting an initial audit engagement. Which title of Professional Standards addresses this issue , and, will be helpful in understanding the auditor's objectives in conducting an initial audit engagement? Enter the exact section and paragraph with helpful information.
When an auditor uses the work of an expert, who has the responsibility for arriving at an overall conclusion regarding the fair presentation of a client's financial statements? a) the auditor b) the expert c) the client's management d) the client's audit committee
The execution stage of an audit involves: evaluating the results of the detailed testing and forming an opinion on the truth and fairness of the client's financial report the assessment of the audit firm's quality control procedures the performance of detailed tests of controls and substantive testing of transactions and accounts gaining an understanding of the client
While planning an assurance engagement, the internal auditor obtains knowledge about the auditee’s operations to, among other things: Make constructive suggestions to management regarding internal control improvements Develop an attitude of professional skepticism concerning management’s assertions Evaluate whether misstatements in the auditee’s performance reports should be communicated to senior management and the audit committee Develop an understanding of the auditee’s objectives, risks, and controls
An audit plan containsa. Specifications of audit standards relevant to the financial statements being audited.b. Specifications of procedures the auditors believe appropriate for the financial statementsunder audit.c. Documentation of the assertions under audit, the evidence obtained, and the conclusionsreached.d. Reconciliation of the account balances in the financial statements with the account balances in the client’s general ledger.
An audit program is usually prepared after establishing the audit strategy and developing the audit plan. The procedures specifically outlined in an audit program are primarily designed to: a. Test all material transactions. b. Gather corroborating evidence. c. Serve as protection of the auditor in case of litigation regarding negligence. d. Detect errors or irregularities.
Which one of the following section of the auditor's report gives a description of an audit conducted as per ISA standards? Management's responsibility. Introductory. Basis for Opinion. Auditor's responsibility. Which one of the following statements is most appropriate to Control risk? Auditing and Cont EN
The letter of audit inquiry should be Prepared and sent by the auditor. Prepared by management and sent by the auditor Prepared by the auditor and sent by management Prepared and sent by management.
The auditor's assessment of the reliability and sufficiency of the information contained in the underlying accounting records is a part of ______________ a. Audit Test b. Comparison c. Evaluation d. Judgement