-Audit Reports

Question 1

What should be included for the auditor’s address?

Answer 1

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Question 2

What is management responsible for in regards to financial statements?

Answer 2

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Question 3

What is management responsible for in regards to Internal Control?

Answer 3

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Question 4

What are the headings in the Audit Report for an Unmodified Opinion?

Answer 4

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Question 5

What are the headings in the Audit Report for a Modified Opinion?

Answer 5

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Question 6

In an Unmodified Opinion with Emphasis-of-Matter / Other-Matter sections, what is the order of the headings?

Answer 6

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Question 7

What are the requirements for referencing a component auditor in the audit report?

Answer 7

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Question 8

What must the Group Engagement Partner do if they assume responsibility for the component auditor’s work?

Answer 8

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Question 9

What standards govern compilation engagements?

Answer 9

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Question 10

Which clients can have compilation engagements?

Answer 10

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Question 11

What is a compilation?

Answer 11

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Question 12

What disclosures are required for compilation engagements?

Answer 12

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Question 13

What standards govern review engagements?

Answer 13

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Question 14

What type of assurance is given in a review engagement?

Answer 14

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Question 15

What procedures are required for review engagements?

Answer 15

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Question 16

What is a review engagement?

Answer 16

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Question 17

What is a forecast?

Answer 17

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Question 18

What is a projection?

Answer 18

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Question 19

What are the requirements for agreed-upon procedures?

Answer 19

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Question 20

What disclosures are required for remote likelihood of losses?

Answer 20

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Question 21

What disclosure is required for a probable loss contingency?

Answer 21

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Question 22

What disclosure is made if a loss contingency is reasonably possible?

Answer 22

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Question 23

How is a gain contingency reported?

Answer 23

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Question 24

How does an immaterial GAAP issue affect the audit opinion?

Answer 24

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Question 25

How does a **very material GAAP issue** affect the audit report?

Answer 25

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Question 26

How do Governmental Auditing Standard compare to GAAS?

Answer 26

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Question 27

What is required under the Single Audit Act?

Answer 27

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Question 28

Is a report on Internal Control required?

Answer 28

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Question 29

If the Auditor finds that the Going Concern Basis of Accounting has been inappropriately applied - what type of opinion should be issued?

Answer 29

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