Which of the following should an auditor obtain from the predecessor auditor prior to accepting an audit engagement? O All matters of continuing accounting significance O Facts that might bear on the integrity of management O Analysis of balance sheet accounts O Analysis of income statement accounts

Which of the following should an auditor obtain from the predecessor auditor prior to accepting an audit engagement? O All matters of continuing accounting significance O Facts that might bear on the integrity of management O Analysis of balance sheet accounts O Analysis of income statement accounts

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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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.
What is the purpose of an audit of a company's financial statements? Provide references if any.
Explain how a financial statement disclosure checklist aids the auditor in determining whether there is adequate relevant evidence for each of the presentation and disclosure goals.
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.
Financial audit Q&A What is the audit assertion underlying the vouching procedure?
Understand the types of reports that accompany an entity’s financial statements and the content of the auditors’ standard (unmodified) report.
What should occur if the audit report has already been issued and the auditor becomes aware of a situation that was present as of the Balance Sheet date (a subsequent event)?
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
Which of the following accounting concepts do accountantsand auditors assess by using financial analyses?a. Time period. c. Full disclosure.b. Separate entity. d. Going-concern assumption.
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.
Which of the following is an example of "other information" that could be used by an auditor as evidential matter supporting the financial statements? Worksheets supporting cost allocations. Accounting manuals. Special journals. Confirmation of accounts receivable.