Audit Reports

Question 1

The City and State where located

Answer 1

Audit Reports

Question 2

Preparation and Fair Presentation of Financial Statements in accordance with the Applicable Financial Reporting Framework

Answer 2

Audit Reports

Question 3

Internal Control Design, Implementation, Maintenance

Answer 3

Audit Reports

Question 4

(TIM-AA) Title; Introduction; Management Responsibility; Auditor Responsibility; Audit Opinion

Answer 4

Audit Reports

Question 5

(TIMA-BA) Title; Introduction; Management Responsibility; Auditor Responsibility; Basis for (Modified) Opinion; Audit Opinion

Answer 5

Audit Reports

Question 6

(TIM-AA EMO) Title; Introduction; Management Responsibility; Auditor Responsibility; Audit Opinion; Emphasis-of-Matter; Other-Matter

Answer 6

Audit Reports

Question 7

Component Financial Statements must be prepared using same Financial Reporting Framework as the Group Financial Statements; Component Auditor must have performed audit in accordance with GAAS or PCAOB Standards.

Answer 7

Audit Reports

Question 8

Perform additional audit procedures; Be involved in Component Auditors work; Perform Risk Assessment procedures; Assess Risk of Material Misstatement

Answer 8

Audit Reports

Question 9

Compilations are governed by SSARS (Statements on Standards for Accounting and Review Services)

Answer 9

Audit Reports

Question 10

Non-SEC (non-public) registrants only.

Answer 10

Audit Reports

Question 11

Accountant puts together financial statements with information PROVIDED BY MANAGEMENT. No opinion is expressed and no assurances are given. Independence is not required.

Answer 11

Audit Reports

Question 12

Disclosures not necessary must state that they are not included

Answer 12

Audit Reports

Question 13

SSARS (Statements on Standards for Accounting and Review Services)

Answer 13

Audit Reports

Question 14

Reviews give limited assurance.

Answer 14

Audit Reports

Question 15

Analytical procedures are required for reviews. Compare results to documented predictions.

Answer 15

Audit Reports

Question 16

Financial statements are presented with no opinion expressed- and limited assurances are given. Independence is required for a review engagement.

Answer 16

Audit Reports

Question 17

A prospective financial statement that uses normal circumstances. General and limited use allowed.

Answer 17

Audit Reports

Question 18

A prospective financial statement using hypothetical situations. Only limited use by the client is allowed.

Answer 18

Audit Reports

Question 19

Independence is required; Only limited use by the client is allowed.

Answer 19

Audit Reports

Question 20

No disclosure required.

Answer 20

Audit Reports

Question 21

Accrue if estimable. Emphasis-of-Matter paragraph if not estimable.

Answer 21

Audit Reports

Question 22

Auditor assesses need for Emphasis-of-Matter paragraph based on loss likelihood.

Answer 22

Audit Reports

Question 23

Gain contingencies are not reported.

Answer 23

Audit Reports

Question 24

It doesn’t. Opinion is Unmodified.

Answer 24

Audit Reports

Question 25

Modified-Adverse Opinion is issued. Emphasis-of-Matter paragraph is added after Opinion paragraph.

Answer 25

Audit Reports

Question 26

GAS is more strict than GAAS.

Answer 26

Audit Reports

Question 27

An audit performed under governmental auditing standards (GAS). A report on internal control is required. GAAS and GAS don’t require the I/C report.

Answer 27

Audit Reports