Question 1

An auditor typically indicates in the engagement letter that the audit will result in an unqualified report on the financial statements.

Accepted Answer

A) True 
 B)False

Question 2

U.S. auditing standards recommend that a successor auditor on an initial audit obtain client permission to communicate with the predecessor auditor.

Accepted Answer

A) True 
 B)False

Question 3

The auditor needs to obtain absolute assurance as to whether the financial statements are free from material misstatement.

Accepted Answer

A) True 
 B)False

Question 4

Which one of the following is a requirement pf the reporting standards included in the generally accepted auditing standards?

Accepted Answer

A)   The auditor will state explicitly whether the financial statements are fairly presented in accordance with the applicable financial reporting framework.
B)   The auditor will identify in the auditor's report, those circumstances in which auditing principles have not been consistently observed in the current period in comparison to the preceding period.
C)   The auditor will review adjusting journal entries for accuracy, and if the auditor concludes those entries are not reasonable accurate, the auditor must so state in the auditor's report.
D)   The auditor will express an unqualified opinion on the financial statements, or will conduct additional audit procedures until such an opinion can be expressed.E) None of the above
F) A) and B)

Exam 5: Professional Auditing Standards and the Audit Opinion Formulation Process

An auditor typically indicates in the engagement letter that the audit will result in an unqualified report on the financial statements.

Correct Answer
verified

The auditor needs to obtain absolute assurance as to whether the financial statements are free from material misstatement.

Correct Answer
verified

Which one of the following is a requirement pf the reporting standards included in the generally accepted auditing standards?

Correct Answer
verified

U.S. auditing standards recommend that a successor auditor on an initial audit obtain client permission to communicate with the predecessor auditor.

Correct Answer
verified

Exam 5: Professional Auditing Standards and the Audit Opinion Formulation Process

An auditor typically indicates in the engagement letter that the audit will result in an unqualified report on the financial statements.

Correct AnswerverifiedShow Answer

The auditor needs to obtain absolute assurance as to whether the financial statements are free from material misstatement.

Correct AnswerverifiedShow Answer

Which one of the following is a requirement pf the reporting standards included in the generally accepted auditing standards?

Correct AnswerverifiedShow Answer

U.S. auditing standards recommend that a successor auditor on an initial audit obtain client permission to communicate with the predecessor auditor.

Correct AnswerverifiedShow Answer

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified

Correct Answer
verified