An auditor has substantial doubt about the entity's ability to continue as a going concern for a reasonable period of time because of negative cash flows and working capital deficiencies. Under these circumstances, the auditor would be most concerned about the:
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1 .Which of the following matters is an auditor required to communicate to those charged with governance?
A The auditor's preliminary judgments about materiality levels. B The process used by management in formulating sensitive accounting estimates. C The justification for performing substantive procedures at interim dates. D The basis for his or her assessment of control risk.
2 .Which of the following statements is correct concerning an auditor's required communication with those charged with governance?
A This communication should include disagreements with management about significant audit adjustments, whether or not satisfactorily resolved. B If matters are communicated in writing, the report is appropriate for general use. C If matters are communicated in writing, the report is required to be d...
3 .Which of the following statements concerning material weaknesses and significant deficiencies is correct with respect to an audit of a nonissuer?
A All material weaknesses are significant deficiencies. B An auditor need not identify and communicate material weaknesses separately from significant deficiencies. C An auditor should report immediately material weaknesses and significant deficiencies discovered during an audit. D All significant d...
4 .Which of the following statements is correct concerning statistical sampling in tests of controls?
A As the population size increases, the sample size should increase proportionately. B In determining tolerable rate, an auditor considers detection risk and the sample size. C There is an inverse relationship between the expected population deviation rate and the sample size. D Deviations from spec...
5 .It is not appropriate to refer a reader of an auditor's report to a financial statement footnote for details concerning:
A Sale of a discontinued operation. B The results of confirmation of receivables. C The pro forma effects of a business combination. D Subsequent events.
7 .When there has been a change in accounting principles, but the effect of the change on the comparability of the financial statements is not material, the auditor should:
A Refer to the change in the opinion paragraph. B Explicitly concur that the change is preferred. C Not refer to consistency in the auditor's report. D Refer to the change in an emphasis-of-matter paragraph
8 .After issuing a report, an auditor has no obligation to make continuing inquiries or perform other procedures concerning the audited financial statements, unless:
A Information, which existed at the report date and may affect the report, comes to the auditor's attention. B Management of the entity requests the auditor to reissue the auditor's report. C Final determinations or resolutions are made of contingencies that had been disclosed in the financial state...
9 .Which of the following procedures would an auditor ordinarily perform during the review of subsequent events?
A Analyze related party transactions to discover possible irregularities. B Inquire of the client's legal counsel concerning litigation. C Review the cut-off bank statements for the period after the year-end. D Investigate significant deficiencies in internal control previously communicated to the c...
10 .Under U.S. auditing standards, when an auditor believes there is substantial doubt about the ability of an entity to continue as a going concern, all of the following should be included in the audit documentation, except:
A The auditor's conclusion about whether substantial doubt remains or is alleviated. B The conditions that gave rise to the substantial doubt. C Management's conclusion regarding whether substantial doubt remains or is alleviated. D The effect of the auditor's conclusion on the auditor's report.
