M11 Other Information And Supplementary Information

Question 1

The auditor should ________ because the credibility of the audited financial statements may be undermined if there are material inconsistencies between the f. Statements and the other information

Answer 1

Read the Other Information

Question 2

What should the auditor do if there is a material inconsistency and management refuses to make the revision?

Answer 2

Modify the Opinion or withdraw

Question 3

Beyond communicating to those charged with governance, what three steps should the auditor take if management refuses to make the revision for a material inconsistency with other information?

Answer 3

1) Other Matter Paragraph for a non-issuer or explanatory paragraph for an issuer explaining the inconsistency
2) Withhold the use of the report
3) W/D from the engagement

Question 4

When should an auditor only withdraw from an engagement?

Answer 4

False, fraudulent, deceptive, misleading

Question 5

What are the two overall objectives of reporting on supplementary information in relation to the financial statements as a whole?

Answer 5

1) Evaluate the presentation

2) Report if the supplementary information is fairly stated

Question 6

Required supplementary information uses what?

Answer 6

Limited audit procedures