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Multiple Choice QuestionsThe following questions concern reports issued by auditors, other than those on historical financial statements. Choose the best response.
a. An auditor is reporting on cash basis financial statements. These statements are best referred to in the opinion of the auditor by which of the following descriptions? (1) Cash receipts and disbursements and the assets and liabilities arising from cash transactions.(2) Financial position and results of operations arising from cash transactions.(3) Balance sheet and income statements resulting from cash transactions.(4) Cash balance sheet and the source and application of funds.
b. Which of the following statements with respect to an auditor's report expressing an opinion on a specific item on a financial statement is correct? (1) Such a report can be expressed only if the auditor is also engaged to audit the entire set of financial statements.(2) Materiality must be related to the specific item rather than to the financial statements taken as a whole.(3) The attention devoted to the specified item is usually less than it would be if the financial statements taken as a whole were being audited.(4) The auditor who has issued an adverse opinion on the financial statements taken as a whole can never express an opinion on a specified item in these financial statements.
c. When asked to perform an audit to express an opinion on one or more specified elements, accounts, or items of a financial statement, the auditor (1) May not describe auditing procedures applied.(2) Should advise the client that the opinion can be issued only if the financial statements have been audited and found to be fairly presented.(3) May assume that the first standard of reporting with respect to GAAP does not apply.(4) Should comply with the request only if they constitute a major portion of the financial statements on which an auditor has disclaimed an opinion based on an audit.
Why should an organization conduct an Organizational Behavior Audit? What factors within each area should be evaluated in an Organizational Behavior Audit?
a business report identifying auditing procedures and practices of any selected organisation of australia. this report
The most common types of pension plans are the defined-contribution plan and the defined-benefit plan. Discuss the advantages and disadvantages of each.
HI5026 ASSIGNMENT QUESTION - Auditing and Assurance Services , (b) Would your answer change if EFL had written to King & Queen advising you that they intended to make a loan to Impulse and were relying on the 2012 audited financial report to assist t..
Use one of the Internet browsers to search for the following terms: Audit evidence, Electronic data interchange and image processing systems. Tell us what each means and give us an example.
The following are five independent situations.
To prepare a report on a criteria audit conducted at Curtin Hospital.
Find the effective rate of both. Which is lowest? If Marine Bank eliminates its compenstating balance requirement, would the answer change? What would the new effective rate be?
Internal controls 1 through 5 were tested in prior audits.
Determine what type of auditing procedure is being conducted and the auditor watched two employees open the safe with their respective codes.
1.Auditing standards have been criticized by different sources for failing to provide useful guidelines for conducting an audit.
Calculate the sample size and sampling interval. Analyze each difference detected during the audit to determine if it is a misstatement.
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