GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
21st Edition
ISBN: 9781260427202
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Chapter 5, Problem 43QRA
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2. A client has departed from GAAP for what you, the auditor, considers to be justifiable. The financial statements
would have been misleading if the client had not departed from GAAP.
Circumstance:
Type of Opinion:
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Chapter 5 Solutions
GEN COMBO LL PRINCIPLES OF AUDITING & OTHER ASSURANCE SERVICES; CONNECT AC
Ch. 5 - Prob. 1RQCh. 5 - Prob. 2RQCh. 5 - Prob. 3RQCh. 5 - Distinguish among routine, nonroutine, and...Ch. 5 - Prob. 5RQCh. 5 - Prob. 6RQCh. 5 - Prob. 7RQCh. 5 - As part of the verification of accounts receivable...Ch. 5 - Prob. 9RQCh. 5 - When in the course of an audit might the auditors...
Ch. 5 - Prob. 11RQCh. 5 - Prob. 12RQCh. 5 - Prob. 13RQCh. 5 - Prob. 14RQCh. 5 - Prob. 15RQCh. 5 - Prob. 16RQCh. 5 - Prob. 17RQCh. 5 - Prob. 18RQCh. 5 - Prob. 19RQCh. 5 - What disclosures should be made in the financial...Ch. 5 - Prob. 21RQCh. 5 - Prob. 22RQCh. 5 - Prob. 23RQCh. 5 - Prob. 24RQCh. 5 - Prob. 25RQCh. 5 - Prob. 26RQCh. 5 - Prob. 27RQCh. 5 - Prob. 28RQCh. 5 - Prob. 29RQCh. 5 - Prob. 30RQCh. 5 - Prob. 31RQCh. 5 - I have finished my testing of footings of the cash...Ch. 5 - Prob. 33RQCh. 5 - Prob. 34RQCh. 5 - Financial statements contain a number of...Ch. 5 - Prob. 36QRACh. 5 - In an audit of financial statements, the auditors...Ch. 5 - Prob. 38QRACh. 5 - Prob. 39QRACh. 5 - Prob. 40QRACh. 5 - Prob. 41QRACh. 5 - Prob. 42QRACh. 5 - Prob. 43QRACh. 5 - Prob. 44QRACh. 5 - Prob. 45AOQCh. 5 - Prob. 45BOQCh. 5 - Prob. 45COQCh. 5 - Prob. 45DOQCh. 5 - Prob. 45EOQCh. 5 - Prob. 45FOQCh. 5 - Prob. 45GOQCh. 5 - Prob. 45HOQCh. 5 - Prob. 45IOQCh. 5 - Prob. 45JOQCh. 5 - Prob. 45KOQCh. 5 - A difference of opinion concerning accounting and...Ch. 5 - Prob. 46OQCh. 5 - Prob. 47OQCh. 5 - Prob. 48AOQCh. 5 - Prob. 48BOQCh. 5 - Prob. 48COQCh. 5 - The cost of analytical procedures in terms of time...Ch. 5 - Prob. 48EOQCh. 5 - Prob. 49OQCh. 5 - Prob. 50PCh. 5 - Prob. 51PCh. 5 - Prob. 52PCh. 5 - Prob. 53PCh. 5 - Prob. 54PCh. 5 - Prob. 55PCh. 5 - Prob. 56P
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Similar questions
- Which of the following statements is correct regarding auditor independence in fact and in appearance? The auditor should be independent both in fact and in appearance. The auditor should be independent in fact but not in appearance. O The auditor should be independent in appearance but not in fact. When the auditor does not challenge an inappropriate journal entry made by the client in order to keep the client for future audits, this is an example of loss of independence in appearance.arrow_forwardAs an auditor, you run across some abnormalities in a company’s books. What you find, makes you a bit suspicious, by you do not see any reason that this would be fraud or embezzlement, they are just not following GAAS. You decide to issue an opinion letter – what should you do when issuing the opinion letter? Group of answer choices A. Issue a qualified opinion, which states that you see a specific error B.Issue an adverse opinion, where you point out that their financials are not created according to GAAS C. Report them immediately to the SEC D. Nothing, the letter should stand on it’s ownarrow_forwardSome criticize the accounting profession for using expressions in the audit report that seem to be building in deniability should the client commit a fraudulent act. What expressions enable the CPA to build a defense should the audit wind up in the courtroom? Do you see anything wrong with these expressions from an ethical point of view?arrow_forward
- Roger Royce, CPA, has encountered a situation that he thinks may pose a threat to his independence with respect to Watson, Incorporated an audit client. The situation is not addressed by an independence rule or regulation. Using the AICPA Conceptual Framework for Independence Standards, describe how Royce can determine whether the threat truly impairs his independence.arrow_forwardWhich of the following statements is false regardingsubstantiveanalytical procedures?a. Substantive analytical procedures are not required tobe performed on all audit engagements.b. If the results of substantive analytical proceduressuggest that an account balance is materially correct,the auditor can reduce the evidence needed fromtests of details.c. The auditor would perform substantive analyticalprocedures after tests of details.d. All of the above statements are true.arrow_forwardThe auditor’s report in the U.S. does not provide the user with details on the level of materiality that the auditor used during the audit. Do you think that the audit report should disclose materiality levels? Why might the user find such information useful? Why might auditors hesitate to publicly reveal the level of misstatement that they will accept as “immaterial”? Would management have a preference regarding the public disclosure of materiality?arrow_forward
- Do you believe that the SEC should prohibit auditors from providing all nonaudit services for audit clients? Use ethical reasoning to support your answer.arrow_forwardAn auditor would issue an adverse opinion if: * The audit was begun by other O independent auditors who withdrew from the engagement. A qualified opinion cannot be given O because the auditor lacks independence. A restriction on the scope of the audit was significant. The statements taken as a whole do not fairly present the financial condition and results of operations of the company.arrow_forward2. The auditors who find that the client has committed an illegal act would be most likely to withdraw from the engagement when the: Select one:a. Illegal act has material financial statement implications.b. Auditors cannot reasonably estimate the effect of the illegal act on the financial statements.c. Illegal act has received widespread publicity.d. Management fails to take appropriate corrective action.arrow_forward
- Urgentarrow_forwardAn auditor has concluded that substantial doubt exists and that the client will not be able to meet its obligations as they become due for a reasonable period of time. Financial statement and footnote disclosures are adequate, detailing the conditions, events, and management's plans to alleviate the doubt. However, the CPA believes that substantial doubt remains. The CPA must add a Going Concern section to the audit report, discussing the Substantial Doubt. How should the audit opinion be modified? a. No modification. b. A qualified opinion. c. An adverse opinion. d. A disclaimer of opinion.arrow_forwardQ. According to ISA 200, Which of the following statement is true with respect of inherent limitation of audit? a- The auditor cannot reduce the audit risk to zero but can obtain absolute guarantee that the financial statements are free from material misstatements. b- The auditor can reduce the audit risk to zero but cannot obtain absolute guarantee that the financial statements are free from material misstatements. c- The auditor cannot reduce the audit risk to zero but cannot obtain absolute guarantee that the financial statements are not free from material misstatements. d- The auditor cannot reduce the audit risk to zero but cannot obtain absolute guarantee that the financial statements are free from material misstatements.arrow_forward
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