Question

When reporting critical audit matters (CAMs), auditors are supposed to do all of the following except:...

When reporting critical audit matters (CAMs), auditors are supposed to do all of the following except:

Group of answer choices:

a. Describe how the CAM was addressed in the audit.

b. Describe any identified misstatements related to the CAM.

c. Identify the CAM.

d. Describe why the issue is a CAM.

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Homework Answers

Answer #1

Solution:

Correct answer is option number b that is " describe any identified mis statements related to the CAM"

Explanation:

Auditor need to communicate all of the following matters regarding each of the critical audit matters ( CAM) in his audit report. :

1. Identify the critical audit matter.

2. describe why auditor believes that the issue is a critical audit matter.

3. Describe how the auditor addressed the critical audit matter in the audit.

4. Refer to any financial statement accounts or disclosure related to critical audit matter.

Thus all the options A, C and D are to be considered by auditor at the time of reporting CAM, except of option B.

Finish.

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