Question

An explanation of reliance on the reports of other auditors is an illustration of report departures...

An explanation of reliance on the reports of other auditors is an illustration of report departures referred to as
A. Qualifications
B. Divisions of responsibility
C. Expansions of scope
D. Scope limitations

Homework Answers

Answer #1

Question . An explanation of reliance on the reports of other auditors is an illustration of report departures referred to as

A. Qualifications.

B. Divisions of responsibility.

C. Expansions of scope.

D. Scope limitations.

B. Divisions of responsibility.

The principal auditor should clearly state the division of responsibility by indicating the extent, to which the information audited by the other auditor has been relied upon in forming an opinion on the entity's financial statement as a whole.

Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Question 18 Auditors communicate the results of an audit in an audit report. Of the four...
Question 18 Auditors communicate the results of an audit in an audit report. Of the four categories of audit reports, which one indicates that while the auditor believes the financial statements are fairly presented, very material departures from GAAP, and the scope of the audit may have been substantially restricted? a)Qualified b)Standard unqualified c)Unqualified with explanatory paragraph
Report formals may be customized_____ a. by changing Reports & Graphs Preferences b. by customizing the...
Report formals may be customized_____ a. by changing Reports & Graphs Preferences b. by customizing the business form c. by clicking My Company icon d. by selecting Customize in the Reports Center
1. In communications with clients, when should CPAs refer to themselves as auditors: a) During any...
1. In communications with clients, when should CPAs refer to themselves as auditors: a) During any type of engagement (Assurance or Attestation) b) Only for review and audit attestation engagements c) Only for audit attestation engagements d) For all compilation, review and audit engagements 2. A compilation report that omits substantially all notes and disclosures: a) Is not allowed b) Includes an adverse opinion c) Must indicate that management has elected to omit such information d) Includes a qualified opinion...
During the review of financial records, internal auditors request the auditee to provide a sales report...
During the review of financial records, internal auditors request the auditee to provide a sales report from November 2017 to January 2018 with the records of all the sales and credit memos issued during these period. Which of the follows is most likely the auditor’s intention here? Select one: a. To investigate potential overstatement of credits in 2017 b. To investigate potential overstatement of sales in 2017 c. To investigate potential understatement of sales in 2018 d. To investigate potential...
During the review of financial records, internal auditors request the auditee to provide a sales report...
During the review of financial records, internal auditors request the auditee to provide a sales report from November 2017 to January 2018 with the records of all the sales and credit memos issued during these period. Which of the follows is most likely the auditor’s intention here? Select one: a. To investigate potential overstatement of credits in 2017 b. To investigate potential overstatement of sales in 2017 c. To investigate potential understatement of sales in 2018 d. To investigate potential...
What are the three conditions that require a departure from an unmodified opinion audit​ report? Give...
What are the three conditions that require a departure from an unmodified opinion audit​ report? Give an example of each. Begin by selecting the three conditions requiring a departure from an unmodified opinion audit report. Then select an example of​ each, referencing the example by the corresponding letter in the list of possible examples. Example a. The auditor also provides tax services for the​ client's business. b. The auditor is friends with someone on the board of directors of the​...
Please answer both parts to problem 1 1A. Partially completed budget performance reports for Garland Company,...
Please answer both parts to problem 1 1A. Partially completed budget performance reports for Garland Company, a manufacturer of light duty motors, follow: Garland Company Budget Performance Report—Vice President, Production For the Month Ended November 30 Plant Budget Actual Over Budget Under Budget Eastern Region $509,000 $509,000 $0 Central Region 366,500 362,800 (3,700) Western Region (g) (h) (i) $(j) $(k) $(l) $(3,700) Garland Company Budget Performance Report—Manager, Western Region Plant For the Month Ended November 30 Department Budget Actual Over...
Payton Inc. reports in its 2017 annual report 10-K, sales of $8,180 million and cost of...
Payton Inc. reports in its 2017 annual report 10-K, sales of $8,180 million and cost of goods sold of $3,272 million. For next year, you project that sales will grow by 3% and that cost of goods sold percentage will be 1 percentage point higher. Projected cost of goods sold for 2018 will be: Select one: A. $3,304 million B. $3,813 million C. $3,454 million D. $3,370 million E. There is not enough information to determine the amount.
1.
Under which of the following circumstances would a disclaimer of opinion be appropriate? A) The...
1.
Under which of the following circumstances would a disclaimer of opinion be appropriate? A) The auditor believes management’s estimates of the useful lives of key assets are unreasonable, but management refuses to change the estimates. B) Management does not provide reasonable justification for a change in accounting principles. C) The chief executive officer is unwilling to sign the management representation letter. D) The auditor believes, with evidence, that the chief executive officer has committed material fraud. 2.The auditor is...
Which of the following statements is false regarding Form 8949 - Sales and Other Dispositions of...
Which of the following statements is false regarding Form 8949 - Sales and Other Dispositions of Capital Assets? A. The taxpayer uses Form 8949 to report sales and exchanges of capital assets B. Form 8949 allows the taxpayer and the IRS to reconcile amounts that were reported to him or her and the IRS on Form 1099-B or 1099-S (or substitute statement) with the amounts he or she reports on his or her income tax return C. If all Forms...
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT