Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

Question

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Answer 1

Question

Chapter 5, Problem 69EP

a.

To determine

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

b.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

c.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

d.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

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Suppose Chrysler Motors has 720 million shares outstanding with a share price of $68.25, and $30 billion in debt. If in three years, Chrysler has 750 million shares outstanding trading for $76 per share, how much debt will Chrysler have if it maintains a constant debt-equity ratio?

Answer 2

Question

Chapter 5, Problem 69EP

a.

To determine

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

b.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

c.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

d.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

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Answer 3

Question

Chapter 5, Problem 69EP

a.

To determine

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

b.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

c.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

d.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

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Answer 4

Question

Chapter 5, Problem 69EP

a.

To determine

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

b.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

c.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

d.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

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Answer 5

Chapter 5, Problem 69EP

a.

To determine

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

b.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

c.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

d.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

Answer 6

Chapter 5, Problem 69EP

a.

To determine

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

Answer 7

Chapter 5, Problem 69EP

a.

To determine

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

Answer 8

b.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

Answer 9

b.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

Answer 10

c.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

Answer 11

c.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

Answer 12

d.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

Answer 13

d.

To determine

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

Answer 14

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Answer 15

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Answer 16

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Answer 17

Ch. 5 - Prob. 1RC Ch. 5 - Prob. 2RC Ch. 5 - Prob. 3RC Ch. 5 - Prob. 4RC Ch. 5 - Prob. 5RC Ch. 5 - Prob. 6RC Ch. 5 - Prob. 7RC Ch. 5 - Prob. 8RC Ch. 5 - Prob. 9RC Ch. 5 - Prob. 10RC

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

Explain how the auditors’ report on internal control over financial reporting would be modified from the standard, unqualified report, when a material weakness in the processing of sales transactions is identified.

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors do not believe that sufficient evidence can be obtained.

Explain how the auditors’ report would be modified from the standard, unqualified report, when component auditors have audited a significant component of the group financial statements.

Explain how the auditors’ report would be modified from the standard, unqualified report, when the auditors believe that the entity’s management has not adequately disclosed a material weakness in its internal control over financial reporting.

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