Which of the following would be an example of a reasonable assurance engagement?
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![Which of the following would be an
example of a reasonable assurance
engagement? *
The review of annual financial
statements.
The audit of annual financial
statements.
The reporting of procedures
O performed by the auditor as agreed by
the client.
All of the above](/v2/_next/image?url=https%3A%2F%2Fcontent.bartleby.com%2Fqna-images%2Fquestion%2F3aa81f97-6a20-41e5-85c2-6141f088f643%2F54697899-461a-4af5-9876-9f28d054845c%2F5m089xq_processed.jpeg&w=3840&q=75)
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- If the auditor verifies a debtor’s account balance, which is comprised of a number of transactions, at the end of the financial period by sending a debtor’s confirmation request, this is an example of a Select one: A. substantive test of transactions B. test of controls C. substantive analytical procedure D. substantive test of balancesDescribe the financial statement's aims and purposes, and explain how the auditor intends to verify them via his audit plan for the financial statements (You can assume necessary details).Describe the purpose of a financial statement disclosure checklistand explain how it helps the auditor determine if there is sufficient appropriate evidencefor each of the presentation and disclosure objectives.
- 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.Explain the objectives and purpose of each financial statement and elaborate that how the auditor shall verify these by his audit plan for the said financial Statements(You can assume necessary details).In which of the following paragraphs of an auditor's report for a nonissuer does an auditor communicate the nature of the engagement and the specific financial statements covered by the audit? A. Scope Paragraph B. opinion paragraph C. Introductory paragraph D. Emphasis-of-matter paragraph
- The date of the CPA’s opinion on the financial statements of the client should be the date of the: Select one: a. submission of the report to the client. b. closing of the client’s books. c. finalization of the terms of the audit engagement d. completion of all important audit proceduresWhich of the following engagement is covered by the Framework for Assurance Engagements?* Consulting engagements. Preparation of tax returns External financial statements audit Internal financial statements auditWhich 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
- 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)?Requirement: Indicate where management assertions are being validated by the below substantive auditprocedures. Existence/Occurrence(E/O) Rights &obligations(R/O) Completeness(C) Valuation andallocation/Accuracy(V/A) Presentation& disclosure(P/D) a. Inspect securities on handand confirm securitiesheld by custodian.b. Trace serial numberindicated in the securityto the list of investmentsecurities maintained bythe client.c. The investment securitieslisted on the schedule ofinvestment transactionsof the client aremathematically accurateand agree with thegeneral ledger.d. Read minutes of meetingof board of directorsregarding investmentsused as collateral forborrowings.e. Recalculate gains andlosses on sale ofsecurities.f. Recalculate interest anddividend revenues.g. Inspect securitiessimultaneously with countof other liquid assets.h. Verify fair values ofsecurities with publishedprice quotations.i. Obtain an understandingon management’s processin classifying…An auditor's objectives in evaluating accounting estimates include all of the following except to Develop the estimates and make the journal entries to record them. Assure that estimates are presented in the financial statements in accordance with GAAP. O Provide reasonable assurance that management has developed all material estimates. Assure that estimates are reasonable.
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