After issuing a report, an auditor has no obligation to make continuing inquiries or perform other procedures concerning the audited financial statements, unless:
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1 .An auditor may not issue a qualified opinion when:
A A scope limitation prevents the auditor from completing an important audit procedure. B An accounting principle at variance with GAAP is used. C The auditor lacks independence with respect to the audited entity. D The auditor's report refers to the work of a specialist.
2 .Under which of the following circumstances would a disclaimer of opinion not be appropriate?
A The financial statements fail to contain adequate disclosure of related party transactions. B The client refuses to permit its attorney to furnish information requested in a letter of audit inquiry. C The auditor is engaged after fiscal year-end and is unable to observe physical inventories or app...
3 .An auditor expressed a qualified opinion on the prior year's financial statements because of a lack of adequate disclosure. These financial statements are properly restated in the current year and presented in comparative form with the current year's financial statements. The auditor's updated report on the prior year's financial statements should:
A Express an unmodified opinion on the restated financial statements of the prior year. B Continue to express a qualified opinion on the prior year's financial statements. C Be accompanied by the auditor's original report on the prior year's financial statements. D Make no reference to the type of o...
4 .Which of the following events occurring after the issuance of an auditor's report most likely would cause the auditor to make further inquiries about the previously issued financial statements?
A An uninsured natural disaster occurs that may affect the entity's ability to continue as a going concern. B New information is discovered concerning undisclosed lease transactions of the audited period. C A subsidiary is sold that accounts for 25% of the entity's consolidated net income. D A conti...
5 .Wilson, CPA, obtained sufficient appropriate audit evidence to render an opinion on Abco's December 31, Year 1, financial statements on March 6, Year 2. A subsequent event requiring adjustment to the Year 1 financial statements occurred on April 10, Year 2. Wilson decides not to dual date the report and completes the extended audit procedures for subsequent events on April 24, Year 2. If the adjustment is made without disclosure of the event, Wilson's report ordinarily should be dated:
A Using dual dating. B April 10, Year 2. C April 24, Year 2. D March 6, Year 2.
7 .An auditor concludes that a substantive auditing procedure considered necessary during the prior period's audit was omitted. Which of the following factors would most likely cause the auditor promptly to apply the omitted procedure?
A The auditor's opinion on the prior period's financial statements was unmodified. B The source documents needed to perform the omitted procedure are still available. C The omission of the procedure impairs the auditor's present ability to support the previously expressed opinion. D There are no alt...
8 .An auditor is considering whether the omission of the confirmation of investments impairs the auditor's ability to support a previously expressed unmodified opinion. The auditor need not perform this omitted procedure if:
A The results of alternative procedures that were performed compensate for the omission. B The omission is documented in a communication with the audit committee. C The auditor's assessed level of detection risk is low. D No individual investment is material to the financial statements taken as a wh...
9 .When audited financial statements are presented in a client's document containing other information, the auditor should:
A Perform the appropriate substantive auditing procedures to corroborate the other information. B Add an other-matter paragraph to the auditor' s report without changing the opinion on the financial statements. C Read the other information to determine that it is consistent with the audited financia...
10 .Before reporting on the financial statements of a U.S. entity that have been prepared in accordance with a financial reporting framework generally accepted in another country, an auditor practicing in the U.S. should:
A Be certified by the appropriate auditing or accountancy board of the other country. B Notify management that the auditor is required to disclaim an opinion on the financial statements. C Receive a waiver from the auditor's state board of accountancy to perform the engagement. D Understand the appl...
