Audit Reports - Clarified SAS Flashcards

1
Q

What is Management Responsible for in regards to the Financial Statements?

A

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

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2
Q

What is Management Responsible for in regards to Internal Control?

A

Internal Control Design, Implementation, Maintenance

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3
Q

What are the 4 paragraphs in the Audit Report for an Unmodified Opinion?

A

Introduction
Management’s Responsibility for the F/S
Auditor’s Responsibility
Opinion

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4
Q

What are the 5 paragraphs in the Audit Report for an Modified Opinion?

A

Introduction
Management’s Responsibility for F/S
Auditor’s Responsibility
Basis for (Modified) Opinion
(Modified) Opinion

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5
Q

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

A

Introduction
Management’s Responsibility for the F/S
Auditor’s Responsibility
Opinion
Emphasis-of-Matter
Other-Matter

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