Audit Completion Flashcards
(4 cards)
1
Q
Name 3 audit procedures for subsequent events.
A
Read board minutes; review interim FS; enquire with management & lawyers
Sol_Tut_7_updated (1)
2
Q
What is the auditor’s responsibility after report signed but before FS issued?
A
No duty to search for events, but must act on events they become aware of
Sol_Tut_7_updated (1)
3
Q
When is a Material Uncertainty Related to Going Concern paragraph used?
A
When significant uncertainty exists, but disclosures are adequate
Sol_Tut_7_updated (1)
4
Q
What type of opinion is used when FS prepared on an inappropriate going concern basis?
A
Adverse opinion
