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    Dual dating financial statements

    1) When part of the audit was performed by other auditors2) When there is question about going concern3) When the application of GAAP is inconsistent4) When the auditor wants to emphasize a matter5) To justify departures from GAAPA material departure from generally accepted accounting principles will result in auditor consideration of:a. The CEO refuses the auditor access to minutes of the board of directors' meetings B. Accordingly, no provision for any liability that may result upon adjudication has been made in the accompanying financial statements.”What type of opinion should the auditor express under these circumstances? This change has no material effect on the current year's financial statements, but is reasonably certain to have a substantial effect in later years. Management is unable to make a reasonable estimate of the amount or range of the potential loss, but fully discloses the situation in the notes to the financial statements. When an auditor of financial statements does not confirm material accounts receivable, but is satisfied by the application of alternative auditing procedures, she normally should: A. When an auditor of financial statements has substantial doubt about an entity's ability to continue as a going concern because of the probable discontinuance of operations, the auditor most likely would express a qualified opinion if A. The financial statements are the responsibility of the company's management. The audit was conducted in accordance with accounting principles generally accepted in the United States of America. The auditors believe that the audit provides a reasonable basis for their opinion. An audit includes assessing the accounting principles used. Are not required to investigate the professional reputation of the other auditors.

    Whether to issue an adverse opinion rather than a disclaimer of opinionb. The "summary of significant accounting policies" section of the financial statements When restrictions that significantly limit the scope of the audits are imposed by the client, the auditor should generally issue which of the following opinions? Tests of controls show that the entity's internal controls are so poor that they cannot be relied upon C. Management's refusal to furnish written representations If a publicly held company issues financial statements that purport to present its financial position and results of operations but omits the statement of cash flows the auditor ordinarily will express a(n): A. If the change is disclosed in the notes to the financial statements, the auditor should issue a report with a(n): A. If management does not make an accrual in the financial states, the auditor: A. Issue an unqualified opinion, but disclose elsewhere in the report this departure from a customary procedure. Issue an unqualified opinion with no reference to this omission but be prepared to defend the action. Issue a qualified opinion or a disclaimer, depending on the materiality of the receivables. The effects of the adverse financial conditions likely will cause a bankruptcy filing B. Which of the following procedures most likely would assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity's ability to continue as a going concern? Performing cutoff tests of sales transactions with customers with long-standing receivable balances. Evaluating the entity's procedures for identifying and recording related party transactions. Inspecting title documents to verify whether any real property is pledged as collateral. Inquiring of the entity's legal counsel about litigation, claims, and assessments. Which of the following is not a difference between the audit report of a nonpublic and public company? The nonpublic company report includes the word "Registered" in the title. The nonpublic company report refers to standards of the PCAOB. The nonpublic company report has an additional paragraph referring to the client's fraud prevention procedures. The nonpublic company report must include the city and state in which the report has been issued.

    Whether to issue a disclaimer of opinion rather than an "except for" opinionc. Review of the working papers is completed In the report of the principal auditor, reference to the fact that a portion of the audit was made by another auditor is:a. The financial statements are not in conformity with the FASB Statements regarding the capitalization of leases D. May express a qualified opinion due to a scope limitation B. Information about the entity's ability to continue as a going concern is not disclosed C. When a client declines to disclose essential information in the financial statements or notes, the auditor of the financial statements should: A. If audited financial statements include a balance sheet and an income statement, but do not include a statement of cash flows: A.

    Whether to issue an adverse opinion rather than an "except for" opiniond. Not to be construed as a qualification, but rather as a division of responsibility between the two CPA firmsb. An improper type of reporting The auditor who wishes to indicate that the entity has significant transactions with related parties should disclose this fact in:a. The auditor has substantial doubt about the entity's ability to continue as a going concern An auditor most likely would issue a disclaimer of opinion because of: A. Must express a qualified opinion due to a scope limitation C. Management has no plans to reduce or delay future expenditures. Negative trends and recurring operating losses appear to be irreversible. Provide the information in the audit report, if practicable, and qualify the opinion because of a limitation on the scope of the audit. Provide the information in the audit report, if practicable, and qualify the opinion because of a departure from GAAP. Issue a disclaimer of opinion because the client has interfered with the auditor's function of assessing the adequacy of disclosure. Issue an unqualified opinion, but inform the reader by including the omitted information in the audit report. Such assumption of responsibility violates the profession's standards. In such circumstances, when appropriate requirements have been met, Firm A should issue a standard unqualified opinion on the financial statements. In such circumstances, when appropriate requirements have been met, Firm A should issue an unqualified opinion on the financial statements but should make appropriate reference to Firm B in the audit report. CPA firm A should normally qualify its audit report on the basis of the scope limitation involved when another CPA firm is involved. The auditors may still issue an unqualified opinion. The auditors should issue an "except for" qualification for the departure from generally accepted accounting principles. The auditors should issue an opinion "subject to" the information that would have been contained in the statement of cash flows. The auditors should refuse to issue an opinion on only the two financial statements. The audit report indicates a division of responsibility between two CPA firms. The report is qualified because the scope of the auditors' work was restricted.

    The enhanced auditor reporting requirements come into mandatory effect for audits of financial statements for periods ending on or after 15 December 2016.

    dual dating financial statements-78dual dating financial statements-49dual dating financial statements-29

    These changes are being made to ensure that the auditing standards that apply in New Zealand are consistent with the International Standards on Auditing.The intended benefits of these changes are to: A listed issuer is defined in the transitional provisions of ISA (NZ) 700 (Revised) as a person that is party to a listing agreement with a licensed market operator in relation to a licensed market (and includes a licensed market operator that has financial products quoted on its own licensed market) (as defined in the Financial Markets Conduct Act 2013 section 6(1)).The term listed issuer is used in New Zealand instead of listed entity.An example of a dual opinion requiring the signatures of both auditors Assume that the opinion paragraph of an auditors’ report begins as follows: with the explanation given in mote 6, the financial statements referred to above present fairly… Subject to qualified opinion or an unqualified opinion with a separate explanatory paragraph B. The auditor's considerations relating to management's plans for dealing with the adverse effects of these conditions most likely would include management's plans to: A. Repurchase the entity's stock at a price below its book value. The auditor believes that the new principles are not in conformity with GAAP, and therefore that the 20X4 financial statements are misleading. Fails to correct a significant deficiency communicated to the audit committee after the prior year's audit In which of the following circumstances would an auditor be most likely to express an adverse opinion: A. Unqualified opinion with a separate explanatory paragraph An explanatory paragraph following the opinion paragraph of an auditor's report describes an uncertainty as follows:“As discussed in Note X to the financial statements the Company is a defendant in a lawsuit alleging infringement of certain patent rights and claiming damages. The ultimate outcome of the litigation cannot presently be determined. An entity changed from the straight-line method to the declining balance method of depreciation for all newly acquired assets. Consistency modification Management believes and the auditor is satisfied that a material loss probably will occur when pending litigation is resolved. The unqualified standard audit report of a nonpublic company does not explicitly state that: A. If principal auditors make no reference to other auditors whose work they have relied on as a part of the basis for their report, the principal auditors: A.

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