Which of the following procedures would an auditor most likely perform in obtaining evidence about subsequent events?
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1 .Restrictions imposed by a retail entity that is a new client prevent an auditor from observing any physical inventories. These inventories account for 40% of the entity's assets. Alternative auditing procedures cannot be applied due to the nature of the entity's records. Under these circumstances, the auditor should express a(an):
A Unmodified opinion with an emphasis-of-matter paragraph. B Qualified opinion. C Adverse opinion. D Disclaimer of opinion.
2 .When an independent CPA assists in preparing the financial statements of a publicly held entity, but has not audited or reviewed them, the CPA should issue a disclaimer of opinion. In such situations, the CPA has no responsibility to apply any procedures beyond:
A Ascertaining whether the financial statements are in conformity with generally accepted accounting principles. B Documenting that the internal control structure is not being relied on. C Determining whether management has elected to omit substantially all required disclosures. D Reading the financ...
3 .An auditor may issue a qualified opinion under which of the following circumstances?Lack of sufficientappropriateaudit evidenceRestrictions of thescope of the audit
A No.........No B Yes........No C Yes........Yes D No.........Yes
4 .Jewel, CPA, audited Infinite Co.'s prior-year financial statements. These statements are presented with those of the current year for comparative purposes without Jewel's auditor's report, which expressed a qualified opinion. In drafting the current year's auditor's report, Crain, CPA, the successor auditor, should:I.Not name Jewel as the predecessor auditor.II.Indicate the type of report issued by Jewel.III.Indicate the substantive reasons for Jewel's qualification.
A I, II, and III. B II and III only. C I and II only. D I only.
5 .An entity's comparative financial statements include the financial statements of the prior year that were audited by a predecessor auditor whose report is not presented. If the predecessor's report was qualified, the successor should:
A Explain to the client that comparative financial statements may not be presented under these circumstances. B Indicate the substantive reasons for the qualification in the predecessor auditor's opinion. C Express an opinion only on the current year's financial statements and make no reference to t...
7 .On February 25, a CPA issued an auditor's report expressing an unmodified opinion on financial statements for the year ended January 31. On March 2, the CPA learned that on February 11, the entity incurred a material loss on an uncollectible trade receivable as a result of the deteriorating financial condition of the entity's principal customer that led to the customer's bankruptcy. Management then refused to adjust the financial statements for this subsequent event. The CPA determined that the information is reliable and that there are creditors currently relying on the financial statements. The CPA's next course of action most likely would be to:
A Notify each member of the entity's board of directors about management's refusal to adjust the financial statements. B Notify the entity's creditors that the financial statements and the related auditor's report should no longer be relied on. C Issue revised financial statements and distribute the...
8 .An audit report is dated February 1, Year 2. Which of the following events, occurring on February 12, Year 2, is most likely to cause the auditor to request that the financial statements be revised?
A The auditor becomes aware that a material purchase included in the Year 1 financial statements was not paid for until Year 2. B The auditor becomes aware that a key member of management is resigning. C The auditor becomes aware that the staff accountant did not properly complete a crucial step in ...
9 .Which of the following circumstances most likely would require an auditor to apply an omitted procedure after the audit report issuance date?
A Generally accepted accounting principles are violated. B The auditor's report is unsupported as a result of the omitted procedure. C The engagement letter requires the procedure to be performed. D The client has requested that the procedure be performed.
10 .If information accompanying the basic financial statements has been subjected to auditing procedures, the auditor may include in the auditor's report on the financial statements an opinion that the accompanying information is fairly stated in:
A Conformity with generally accepted accounting principles. B Accordance with attestation standards expressing a conclusion about management's assertions. C Accordance with generally accepted auditing standards. D All material respects in relation to the financial statements as a whole.
