Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process. To state: Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

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Answer 1

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Students have asked these similar questions

Which of the factors below is NOT one of the purposes of the audit report? A. Indicate any scope limitations in the audit examination B. Indicate unusual matters as going concern uncertainty for the company. C. Indicate whether the financial statements are in accordance with the financial standards framework. D. Indicate the effects of occupational fraud.

With respect to fraudulent financial reporting, which one of the following statements is not correct? a.The risk that the auditor will not detect misstatement due to management fraud is greater than those due to employee fraud. b.It is difficult for the auditor to determine if misstatements in accounting estimates are caused by fraud or error. c.When the audit is properly planned and performed in accordance with ISAs, material misstatements are guaranteed to be detected by the auditor. d.Excessive pressure on management to meet expectations of third parties creates incentives for

Which of the following statements is not true with respect to the auditors’ report on internalcontrol over financial reporting?a. The report will be dated as of the date of the financial statements.b. The report will express an opinion on the effectiveness of internal control over financialreporting.c. The auditor will issue an adverse opinion if one or more material weaknesses exist.d. The report may be presented with the report on the entity’s financial statements as a combined report.

Answer 2

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Answer 3

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Answer 4

Question

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

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Answer 5

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

Answer 6

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

Answer 7

Chapter 5, Problem 87RSCQ

a.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To state:Ifanauditor needs to audit the financial statements of apubliccompanyalong with providing an opinion on itsinternal control overfinancial reporting.

Answer 8

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

Answer 9

b.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors, that carry out the auditing process.

To explain:A company does not have any control deficiencies if an unqualified report on its internal control is available.

Answer 10

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

Answer 11

c.

To determine

Introduction:Auditing means the inspection of financial accounts of the company to determine if the records are accurate as per the rules and regulations of accounting or not. There are two types of auditor’s i.e. internal auditors and external auditors that carry out the auditing process.

To state:If the auditor is free to conclude that a company does not have any material weakness if its financial statements arefairly represented.

Answer 12

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Answer 13

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Answer 14

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Answer 15

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

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Chapter 5 Solutions