Accounting for Governmental & Nonprofit Entities
17th Edition
ISBN: 9780078025822
Author: Jacqueline L. Reck James E. Rooks Distinguished Professor, Suzanne Lowensohn, Earl R Wilson
Publisher: McGraw-Hill Education
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Question
Chapter 11, Problem 19.10EP
To determine
Find the correct option, the option that indicates the auditor’s responsibility for required supplementary information (RSI).
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The auditor's responsibility in relation to the assessment of going concern basis of accounting is to:
a.Conclude on whether a material uncertainty exists about the entity's ability to continue as a going concern
b.All of the choices are correct
c.Obtain sufficient appropriate audit evidence regarding appropriateness of use of going concern basis of accounting in the preparation of the financial statements
d.Conclude on the appropriateness of management's use of the going concern basis of accounting in the preparation of the financial statements, based on the evidence obtained
all of the following are the responsibilities of the auditor except :
Select one:
a. adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements
b. making certain that all the assertions in the financial statement are correct
c. report on the financial statements, and communicate as required by auditing standards, in accordance with the auditor’s findings
d. obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement
Which of the following is the primary responsibility of auditor?
a.
To ensure compliance with laws and regulations applicable on the entity
b.
To design, implement and maintain system of internal control.
c.
To ensure that financial statement comply with applicable financial reporting framework
d.
To express an opinion on true and fair view of the financial statements.
Chapter 11 Solutions
Accounting for Governmental & Nonprofit Entities
Ch. 11 - Prob. 1QCh. 11 - Prob. 2QCh. 11 - Prob. 3QCh. 11 - Prob. 4QCh. 11 - Prob. 5QCh. 11 - Prob. 6QCh. 11 - Prob. 7QCh. 11 - Prob. 8QCh. 11 - Prob. 9QCh. 11 - Prob. 10Q
Ch. 11 - Background. Lake View Mental Health Affiliates, a...Ch. 11 - Prob. 12CCh. 11 - Prob. 13CCh. 11 - Prob. 14CCh. 11 - Prob. 15CCh. 11 - Prob. 16CCh. 11 - Prob. 17CCh. 11 - Prob. 19.1EPCh. 11 - Prob. 19.2EPCh. 11 - Prob. 19.3EPCh. 11 - Prob. 19.4EPCh. 11 - Prob. 19.5EPCh. 11 - Prob. 19.6EPCh. 11 - Prob. 19.7EPCh. 11 - Prob. 19.8EPCh. 11 - Prob. 19.9EPCh. 11 - Prob. 19.10EPCh. 11 - Prob. 21EPCh. 11 - Prob. 22EPCh. 11 - Prob. 23EP
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Similar questions
- Professional guidance indicates that the auditor should consider revenue recognition to be high risk in planning an audit of a company’s financial statements. a. Identify the activities that affect the revenue cycle. b. Identify the financial statement accounts typically associated with the revenue cycle.arrow_forwardWhich is NOT the function of an auditor? a. To give a true and fair view b. To ensure compliance to statutory acts applicable c. To do independent examination of books of accounts d. To prepare financial statementsarrow_forwardWhich 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.arrow_forward
- In including an audit of financial statements , the overall objectives are the following, EXCEPT A. To conduct a critical, detailed and systematic examination of all the account balances in the financial statements, as the related document records , procedures and controls B. To obtain reasonable assurance whether financial statement as a whole are free from material misstatement whether du to fraud or error C. To report on the financial statements and communicate as required by the PSAs in accordance with the auditor’s findings D. To enable the auditor to express an opinion on whether the financial statements are prepared, in all material respects in accordance with the applicable financial reporting frameworkarrow_forwardUnder preconditions of an audit, the management shall provide the auditor with the following, except: Group of answer choices b. Additional information that the auditor may request from management for the purpose of the audit d. All the above are concerns that management need to provide c. Unrestricted access to persons within the entity from whom the auditor determines it necessary to obtain audit evidence. a. Access to all information of which management is aware that is relevant to the preparation of the financial statements such as records, documentation and other matters;arrow_forwardThe existence of audit risk is recognized by the statement in the auditor's standard report that the auditor _______. A. Assesses the accounting principles used and also evaluates the overall financial statement presentation. B. Is responsible for expressing an opinion on the financial statements, which are the responsibility of management. C. Obtains reasonable assurance about whether the financial statements are free of material misstatement. D. Realizes that some matters, either individually or in the aggregate, are important while other matters are not important.arrow_forward
- State the objectives of the ordinary audit of financial statements. In general terms, how do auditors meet those objectives?arrow_forwardWhich of the following engagements is most likely to be considered an operational audit? The auditor determines whether the organization is following provisions of laws and regulations. The auditor examines information presented in an entity’s financial statements to determine whether the financial statements are presented fairly in accordance with the applicable financial reporting framework. The auditor evaluates the organization’s efficiency in processing payments. The auditor assists the client in preparation of financial statements.arrow_forwardThe primary purpose of accumulating sufficient and appropriate audit evidence is to Group of answer choices a. Support the auditor’s opinion on the financial statements. b. Detect fraud in the financial statements. c. Defend the auditor in case of legal dispute. d. Evaluate the performance of the management of an entity.arrow_forward
- It is very usual that the auditor issues a standard unqualified opinion; that is the auditor expresses the opinion that the financial statements present fairy, in all material respects, the financial position, results of operations, and cash flows of the entity under audit in accordance with generally accepted accounting principles (GAAP) or the International Financial Reporting Standards (IFRS). Required: Write a sample auditors’ report showing stating unqualified audit opinion.arrow_forwardAn 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.arrow_forwardExplain the auditor’s responsibility to consider compliance with laws and regulations. How does this responsibility differ for laws and regulations that have a direct effect on the financial statements compared to other laws and regulations that do not have a direct effect?arrow_forward
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