Auditing 1: Deck 4 Flashcards Preview

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Flashcards in Auditing 1: Deck 4 Deck (14):
1

What is an auditor's responsibility for supplementary information required by the FASB?

Auditor should apply certain limited procedures to the information and add an other-matter paragraph to the audited report

2

Reporting Accountant

An accountant in public practice, other than the continuing accountant, who prepares a written report; may not report on hypothetical transaction

3

GASB

Government accounting standards board

4

Supplementary Information

Information that is outside the basic financial statements

5

Two objectives of an auditor reporting on supplementary information

1. Evaluate the presentation of the supplementary information in relation to the financial statements as a whole
2. report on whether the supplementary information is fairly stated, in all material respects

6

Auditor's report on supplementary information related to non issuers. How should this be presented?

Either as an other-matter paragraph OR separate report

7

Limited procedures include:

Inquiry of management, determine if supplementary information is consistent, and obtain written management representations

8

What kind of report may be used for distribution only outside the United States?

Report of the other country OR a U.S. form of report that reflects that the financial statements being reported on

9

Wha kind of report may be used for distribution in the United States?

A U.S. form of report with an emphasis-of-matter paragraph

10

What is meant by the term GAAS?

Measures of the quality of the auditor's performance

11

Opinion opinion phrase:

"in our opinion, except for..."

12

Auditor's responsibility phrase:

"our responsibility is to express an opinion..."

13

What kind of opinion is appropriate when a financial statement is omitted?

Qualified opinion/report

14

What should not be reported in the footnote?

Details of audit procedures (ex: results of confirmation of receivables)