Question

Two questions from these issues: The outline for the unqualified auditors’ report. Short questions dealing with...

Two questions from these issues:

The outline for the unqualified auditors’ report.

Short questions dealing with audit reporting:

Given a fact situation what kind of audit opinion would you issue?

How does this differ from the unqualified audit opinion?

Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Short Questions dealing with audit reporting:

1.Who are the beneficiaries of Audit Report?

Audit reports can be issued for the benefit of shareholders and even for the benefit of Tax agencies, investigation agencies in special cases.

2. Can Audit report be used as an evidence?

Audit report is just an assurance document which states that, the entity is not departing from the existing GAAP but it is not an evidence.

Given a fact situation what kind of audit opinion would you issue?

Eg., Fact: There were misstatements in Financial Statements of a Company which are not pervasive and not material - Qualified Opinion will be given

The organization is not providing sufficient information required by the auditor - Auditor can issue disclaimer of opinion for withholding the information.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Use the Internet or Strayer Library to research a publically traded company that received an unqualified...
Use the Internet or Strayer Library to research a publically traded company that received an unqualified audit report from external auditors and faced accusations of reporting false or misleading accounting information. Next, discuss the departures from generally accepted accounting principles (GAAP) that you have researched, and give your opinion as to whether or not the Public Company Accounting Oversight Board (PCAOB) should levy sanctions against the CPA firm for issuing the unqualified report. Identify the sanctions and section of the...
Compile 3 articles dealing with personal health issues from a magazine, professional journal or internet website....
Compile 3 articles dealing with personal health issues from a magazine, professional journal or internet website. The originals, or copies, must be attached to a short paragraph (5-7) sentences summarizing each article. The assignment must include: An abstract of the article. A description of your view of the article’s balance. Did the writer address both sides of the issue? Was there bias involved and slanted towards which side? What is your evidence of this bias or imbalance? A description of...
McDonald's Using the Annual Report of your selected company answer the following questions in the Discussion:...
McDonald's Using the Annual Report of your selected company answer the following questions in the Discussion: What is the name of the outside auditing firm for your company? How long after the company's year-end did the auditor's issue their opinion? Who bears primary responsibility for maintaining effective internal control over financial reporting? How can you tell? Does it appear the company has adequate internal control procedures? How can you tell? By how much did the company's cash balance change from...
Consider each of the following material independent situations. In each case assume that the client is...
Consider each of the following material independent situations. In each case assume that the client is a reporting entity and that general purpose financial statements have been prepared for the year ended the 30th June 20X9. You (as the auditor) have conducted your audit testing and are ready to prepare the audit report. Also assume that in each case management will not take any further action should you request such. a) Green Ltd (Green) is a furniture wholesaler. The recent...
CAFR Mini-Project Goal To research and analyze the Comprehensive Annual Financial Report of a US city...
CAFR Mini-Project Goal To research and analyze the Comprehensive Annual Financial Report of a US city with a population of at least 100,000. Choose your City Download the most recent CAFR of a city with at a population of at least 100,000. Most cities publish CAFR’s online in .pdf form and a simple Google search (i.e. a search for “Seattle CAFR” or “Boise CAFR”) will usually find them. CAFR Research – Answer the following (all should be included somewhere in...
address office ergonomics from a management perspective. Write a brief report (1-2pages) that describes how you...
address office ergonomics from a management perspective. Write a brief report (1-2pages) that describes how you would implement a safety/health program that could resolve your office ergonomic issues. This report should answer these questions: • What steps would you take to get “buy-in” from management? • Which employees would you identify as necessary for role-modeling and mentoring? What steps would you take to get their involvement in the process? • How would you incorporate your solutions into a new employee...
When answering the provided questions, you must ensure that your answers address the questions, that your...
When answering the provided questions, you must ensure that your answers address the questions, that your answers have an Australian accounting/financial reporting focus, that your answers are internally consistent, and that the individual components of your answers provide a well-rounded argument that is easy to follow. The Chief Financial Officer (CFO) of Large Mart has been unable to find answers for two accounting problems. He has asked you to investigate the following questions and to write a report (including relevant...
Short Answer Questions 1. Explain trade barriers and list two kinds of trader barriers. 2. Is...
Short Answer Questions 1. Explain trade barriers and list two kinds of trader barriers. 2. Is trade today different from the past? Please list three points to support your opinion. 3. In your opinion, what's the impacts of globalization on international trade? 4. Some people say international trade is always bad while some other people believe that international trade is always good. Do you think their opinions are right or wrong? Please defense your answer with what you learned in...
Short Answer Questions 1. Explain trade barriers and list two kinds of trader barriers. 2. Is...
Short Answer Questions 1. Explain trade barriers and list two kinds of trader barriers. 2. Is trade today different from the past? Please list three points to support your opinion. 3. In your opinion, what's the impacts of globalization on international trade? 4. Some people say international trade is always bad while some other people believe that international trade is always good. Do you think their opinions are right or wrong? Please defense your answer with what you learned in...
Two types of survey questions are open questions and closed questions. An open question allows for...
Two types of survey questions are open questions and closed questions. An open question allows for any kind of​ response; a closed question allows for only a fixed response. An open question and a closed question with its possible choices are given below. List the advantages and disadvantages of each question. Open​ question: What can be done to get students to eat healthier​ foods? Closed​ question: How would you get students to eat healthier​ foods? 1. Mandatory nutrition course 2....
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT