After considering an entity's negative trends and financial difficulties, an auditor has substantial doubt about the entity's ability to continue as a going concern. 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:
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1 .Which of the following statements correctly defines the term reasonable assurance?
A An absolute level of assurance to allow an auditor to detect a material misstatement. B A significant level of assurance to allow an auditor to detect a material misstatement. C A substantial level of assurance to allow an auditor to detect a material misstatement. D A high, but not absolute, leve...
2 .An auditor of a nonissuer must conduct the audit in accordance with:I. ASB standards.II. PCAOB standards.
A II B Either I or II, but not both C Both I and II D I
3 .Because of the risk of material misstatement, an audit of financial statements in accordance with generally accepted auditing standards should be planned and performed with an attitude of:
A Professional skepticism. B Objective judgment. C Impartial conservatism. D Independent integrity.
4 .An auditor's responsibility to express an opinion on the financial statements under U.S. auditing standards is:
A Implicitly represented in the auditor's report. B Explicitly represented in the Auditor's Responsibility paragraph. C Explicitly represented in the Introductory paragraph of the auditor's report. D Explicitly represented in an emphasis-of-matter paragraph of the auditor's report.
5 .Pell, CPA, decides to serve as group engagement partner in the audit of the financial statements of Tech Consolidated, In Smith, CPA, audits one of Tech's subsidiaries. In which situation(s) should Pell make reference to Smith's audit under U.S. GAAS?I. Pell reviews Smith's audit documentation and assumes responsibility for Smith's work, but expresses a qualified opinion on Tech's financial statements.II. Pell is unable to review Smith's audit documentation; however, Pell's inquiries indicate that Smith has an excellent reputation for professional competence and integrity.
A Neither I nor II. B II only. C Both I and II. D I only.
7 .For which of the following events would an auditor issue a report that omits any reference to consistency?
A Management's lack of reasonable justification for a change in accounting principle. B A change in the method of accounting for inventories. C A change in the useful life used to calculate the provision for depreciation expense. D A change from an accounting principle that is not generally accepted...
8 .In the first audit of a new client, an auditor was able to extend auditing procedures to gather sufficient evidence about consistency. Under these circumstances, the auditor should:
A Not report on the client's income statement. B State that the consistency standard does not apply. C Not refer to consistency in the auditor's report. D State that the accounting principles have been applied consistently.
9 .When an auditor concludes there is substantial doubt about a continuing audit client's ability to continue as a going concern for a reasonable period of time, the auditor's responsibility is to:
A Report to the client's audit committee that management's accounting estimates may need to be adjusted. B Reissue the prior year's auditor's report and add an emphasis-of-matter paragraph that specifically refers to "substantial doubt" and "going concern." C Issue a qualified or adverse opinion, de...
10 .Management believes and the auditor is satisfied that a material loss probably will occur when pending litigation is resolved. 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. If management does not make an accrual in the financial statements, the auditor should express a(an):
A Unmodified opinion. B Qualified opinion due to a material misstatement of the financial statements. C Qualified opinion due to a scope limitation. D Unmodified opinion with an other-matter paragraph.
