Question

auditor's responsibility section of the standard unmodified opinion audit report under US GAAS states:

A. That the audit is designed to obtain reasonable assurance as to whether the financial statements are free of material misstatement whether due to fraud or error

B. that the procedures performed were specified by generally accepted auditing standards

C. that the financial statement audit includes procedures sufficient to express an opinion on whether the companyÕs internal control over financial reporting is effective

D. all of the above

2. In an audit of a US public company, the auditor is required to always include at least one Critical Audit Matter in the audit report

True or False

3. The standard unmodified opinion audit report under US GAAS must include the name of the audit partner responsible for issuing the audit report

True or False

4. The standard unmodified opinion audit report under GAAS may be issued when

all statements and required disclosures are included in the financial statements

sufficient appropriate evidence has been accumulated

financial statements are presented fairly in accordance with GAAP (or other appropriate financial reporting framework)

no circumstances requiring the addition of an emphasis-of-matter paragraph or modification of the wording or auditorÕs opinion in the report

All of the above

Answer 1

Answer 1

D. All the above

All the statement given in the question are correct and related to auditor responsibilities.

Answer 2.

False

Auditor does not have any compulsory obligation to mention at least critical audit matters in auditor's report. Auditor reports only his opinion towirds the financial statements.

Answer 3

True

The name of the audit partner must be stated in auditor's report who is responsible for issuing such audit report.

Answer 4

All the above

The given points are to be statified to give an unmodified opinion audit report.