Auditing And Assurance Services
Auditing And Assurance Services
17th Edition
ISBN: 9780134897431
Author: ARENS, Alvin A.
Publisher: PEARSON
Question
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Chapter 3, Problem 29DQP

a.

To determine

Explain the manner in which the given information compares to the information in the Basis for Opinion and Auditor’s Responsibility sections in the standard unmodified opinion audit report.

b.

To determine

Explain the manner in which the given information compares to the information in the Basis for Opinion sections in the standard unmodified opinion audit report.

c.

To determine

Identify three audit reports that provide greater auditor communications to users of the financial statements.

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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.
Which of the following statements about the auditor's responsibilities in public company audits is true as covered by the PCAOB? A. The auditor issues an opinion on the financial statements and management issues the opinion on internal control over financial reporting. B. The auditor issues an opinion on the financial statements only if internal control over financial reporting is found to be effective. C. The auditor issues an opinion on the financial statements; if those are found to be fairly stated, the auditor proceeds to issue an opinion on internal control over financial reporting. D. The auditor issues opinions on the financial statements and internal control over financial reporting.
The Sarbanes-Oxley Act achieved all of the following except Select one: a. Limits the non-audit services an independent auditor may provide to a registrant. b. Requires regular inspection of audit engagements. c. Established the PCAOB. d. Identifies the FASB as the official source of GAAP for SEC filings.
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