AUDITING LL W/ CONNECT <C>
11th Edition
ISBN: 9781307416268
Author: MESSIER
Publisher: MCGRAW-HILL HIGHER EDUCATION
expand_more
expand_more
format_list_bulleted
Question
Chapter 1, Problem 1.28P
To determine
Introduction: Audit report is a report in which the auditor expresses his opinion on the financial statements of a firm along with citing the reasons for such opinion.
To explain: The words/phrases in audit report given in said chapter that indicate to the users that the financial statements are not necessarily an exact representation of the operations and financial position of the company.
Expert Solution & Answer
Want to see the full answer?
Check out a sample textbook solution
Students have asked these similar questions
Become familiar with the several kinds of reports that go along with a company's financial statements, including the normal (unmodified) audit report.+
i need the answer quickly
To do an audit of a company's financial statements, there must be several key elements and procedures including
all of the following except:
O A. Quantitative information in a verifiable form that can be checked by the auditor.
O B. Some standards or criteria by which the auditor can evaluate the information, which are generally
accepted accounting principles or International Financial Reporting Standards.
C. Determining the degree of correspondence between information and established criteria using some kind
and amount of evidence.
O D. None of the above.
Chapter 1 Solutions
AUDITING LL W/ CONNECT <C>
Ch. 1 - Prob. 1.1RQCh. 1 - Prob. 1.2RQCh. 1 - Prob. 1.3RQCh. 1 - Prob. 1.4RQCh. 1 - Prob. 1.5RQCh. 1 - Prob. 1.6RQCh. 1 - Prob. 1.7RQCh. 1 - Prob. 1.8RQCh. 1 - Prob. 1.9RQCh. 1 - Prob. 1.10RQ
Ch. 1 - Prob. 1.11RQCh. 1 - Prob. 1.12RQCh. 1 - Prob. 1.13MCQCh. 1 - Prob. 1.14MCQCh. 1 - Prob. 1.15MCQCh. 1 - Prob. 1.16MCQCh. 1 - Prob. 1.17MCQCh. 1 - Prob. 1.18MCQCh. 1 - Prob. 1.19MCQCh. 1 - Prob. 1.20MCQCh. 1 - Prob. 1.21MCQCh. 1 - Prob. 1.22MCQCh. 1 - Prob. 1.23MCQCh. 1 - Prob. 1.24PCh. 1 - Prob. 1.25PCh. 1 - Prob. 1.26PCh. 1 - Prob. 1.28P
Knowledge Booster
Similar questions
- 13. Which of the following is NOT an obligation or duties of an auditor? a. Inspect account books and accounting systems for efficiency b. Prepare detailed reports on audit findings c. Examine and evaluate financial and information systems d. Helps to prepare the financial statements of companiesarrow_forwardWhat type of audit is conducted to provide assurance about various aspects of an organization's activities rather than the reliability of financial statements? O Compliance audit O Internal audit O Operational audit O Financial statement auditarrow_forwardPLEASE ANSWER THIS ASAP. THANK YOU SO MUCH. 1.Which of the following statements is incorrect? a. Management assertions are implied or expressed representations by management about classes of transactions, account balances and presentation and disclosures contained in the financial statements. b. Transaction cycles may vary from one entity to another and may also be affected by the nature of industry of the client. c. The primary goal of an auditor in an audit is to issue an opinion that the financial statements of an entity are fairly stated, in all material respects, in accordance with the applicable financial reporting framework. d. Reasonable assurance is moderate but not absolute level of assurance that the financial statements are free from material misstatements. 2. Which of the following statements does not pertain to responsibilities of management and those in charge of governance? a. Establish and implement internal controls relevant to the preparation of financial reports.…arrow_forward
- Question: In accounting, which type of audit is conducted by an independent firm or organization outside of the company? A) Internal audit B) External audit C) Compliance audit D) Operational auditarrow_forwardWhich of the following is not part of audit evidence? Information gathered by the auditors from stock exchange Information contained in the accounting records Confirmation from third parties Audit firm quality control procedure for client acceptance and continuationarrow_forwardWhich of the following statement is not related to role of audit committee? Approve remuneration and terms of engagement of the external auditor Monitor and review the effectiveness of the company’s internal control Monitor the integrity of the company’s financial statements To prepare the financial statement of the company in timearrow_forward
- Describe and define the assertions that management makes about the recognition, measurement, presentation, and disclosure of the financial statements and explain why auditors use them as the focal point of theaudit.arrow_forwardThe subject matter of information in auditing includes what? A. The financial statements of the enterprise (e.g. Balance Sheet, Income Statement, Statement of Cash Flow, Statement of Changes in Shareholder’s Equity and the notes to financial statements) B. Financial reporting framework C. Assets and Liabilities D. Income and Expensesarrow_forwardQuestion: Assume that you are an auditor of a company. Explain any THREE categories of assertions that you will be testing when auditing the financial statements of the company. You are required to: (ii.) List the category of assertions (3 assertions) along with the element of financial statement that will be checked.arrow_forward
- Outline the reasons why auditor independence is considered of fundamental importance for confidence in financial statement auditing and evaluate the case for and against recent regulatory changes that affect the relationship between the auditor and the reporting company. Any help?arrow_forwardCritically appraise the Internal Audit function of the company. Add information about the internal audit team and suggestions given by the internal audit unit to enhance the internal control system of the company.arrow_forwardAn External Auditor would have which of the following Obligations in the Financial Statement of the Organization? Create the Financial Statement and Affix the signature Monitor the Internal Control of the Organization and Add value through an Opinion Evaluate Assertations based on the Evidence Gathered and Give an Opinion based on Such Evaluate the reasonbleness of Assertions and Provide a Report without an Opinionarrow_forward
arrow_back_ios
SEE MORE QUESTIONS
arrow_forward_ios
Recommended textbooks for you
Auditing: A Risk Based-Approach (MindTap Course L...AccountingISBN:9781337619455Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...AccountingISBN:9781305080577Author:Karla M Johnstone, Audrey A. Gramling, Larry E. RittenbergPublisher:South-Western College Pub
Pkg Acc Infor Systems MS VISIO CDFinanceISBN:9781133935940Author:Ulric J. GelinasPublisher:CENGAGE L
Auditing: A Risk Based-Approach (MindTap Course L...
Accounting
ISBN:9781337619455
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Cengage Learning
Auditing: A Risk Based-Approach to Conducting a Q...
Accounting
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:South-Western College Pub
Pkg Acc Infor Systems MS VISIO CD
Finance
ISBN:9781133935940
Author:Ulric J. Gelinas
Publisher:CENGAGE L