When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day. On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day. To select: The correct option.

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Answer 1

Question

Chapter 20, Problem 20.23MCQ

To determine

Introduction:

When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day.

On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day.

To select: The correct option.

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Answer 2

Question

Chapter 20, Problem 20.23MCQ

To determine

Introduction:

When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day.

On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day.

To select: The correct option.

Expert Solution & Answer

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Answer 3

Question

Chapter 20, Problem 20.23MCQ

To determine

Introduction:

When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day.

On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day.

To select: The correct option.

Expert Solution & Answer

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Answer 4

Question

Chapter 20, Problem 20.23MCQ

To determine

Introduction:

When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day.

On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day.

To select: The correct option.

Expert Solution & Answer

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Answer 5

Chapter 20, Problem 20.23MCQ

To determine

Introduction:

When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day.

On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day.

To select: The correct option.

Answer 6

Chapter 20, Problem 20.23MCQ

To determine

Introduction:

When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day.

On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day.

To select: The correct option.

Answer 7

Chapter 20, Problem 20.23MCQ

To determine

Introduction:

When material fraud is detected by the auditor during the course of audit, and he is of the opinion that the same if goes un-corrected shall have a impact on opinion expressed in the audit report, he is required to intimate the same to board of directors who shall inform the same to securities exchange commission (SEC) within one business day.

On failure of the board of directors to report the same to SEC, auditor shall inform the same to SEC within one business day.

To select: The correct option.

Answer 8

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Answer 9

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Answer 10

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Answer 11

Ch. 20 - Prob. 20.1RQ Ch. 20 - Prob. 20.2RQ Ch. 20 - Prob. 20.3RQ Ch. 20 - Prob. 20.4RQ Ch. 20 - Prob. 20.5RQ Ch. 20 - Prob. 20.6RQ Ch. 20 - Prob. 20.7RQ Ch. 20 - Prob. 20.8RQ Ch. 20 - Prob. 20.9RQ Ch. 20 - Prob. 20.10RQ

Solution Summary: The author explains that auditors are required to intimate material fraud to board of directors, and to inform SEC of the same if it goes un-corrected.

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Chapter 20 Solutions