In the first audit of a client, an auditor was not able to gather sufficient evidence about the consistent application of accounting principles between the current and prior year, as well as the amounts of assets or liabilities at the beginning of the current year. This was due to the client's record retention policies. If the amounts in question could materially affect current operating results, the auditor would:
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1 .In which of the following should an auditor's report refer to the lack of consistency when there is a change in accounting principle that is significant?
A An emphasis-of-matter paragraph following the opinion paragraph. B The opinion paragraph. C The introductory paragraph. D An emphasis-of-matter paragraph before the opinion paragraph.
2 .Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity's ability to continue as a going concern?
A Stock dividends replace annual cash dividends. B Significant related party transactions are pervasive. C Research and development projects are postponed. D Cash flows from operating activities are negative.
3 .When there is a significant change in accounting principle, an auditor's report should refer to the lack of consistency in:
A The Opinion paragraph. B The Introductory paragraph. C In the Management's Responsibility paragraph. D An emphasis-of-matter paragraph following the Opinion paragraph.
4 .For a particular entity's financial statements to be presented fairly in conformity with the applicable financial reporting framework, it is not required that the principles selected:
A Be appropriate in the circumstances for the particular entity. B Reflect transactions in a manner that presents the financial statements within a range of acceptable limits. C Present information in the financial statements that is classified and summarized in a reasonable manner. D Be applied on ...
5 .A limitation on the scope of an audit sufficient to preclude an unmodified opinion will usually result when management:
A Fails to correct a significant deficiency in internal control communicated to those charged with governance after the prior year's audit. B Does not provide the auditor with an engagement letter specifying the responsibilities of both the entity and the auditor. C Refuses to disclose in the notes ...
7 .Morris, CPA, suspects that a pervasive scheme of illegal bribes exists throughout the operations of Worldwide Import-Export, In, a new audit client. Morris notified the audit committee and Worldwide's legal counsel, but neither could assist Morris in determining whether the amounts involved were material to the financial statements or whether senior management was involved in the scheme. Under these circumstances, Morris should:
A Issue a special report regarding the illegal bribes. B Express an unmodified opinion with an other-matter paragraph. C Express an adverse opinion on the financial statements. D Disclaim an opinion on the financial statements.
8 .When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include a(an):
A Disclaimer of opinion. B Qualified opinion. C Compilation report. D Unaudited association report.
9 .Comparative financial statements include the prior year's statements that were audited by a predecessor auditor whose report is not presented. If the predecessor's report was unmodified, the successor should:
A Express an opinion only on the current year's financial statements and make no reference to the prior year's financial statements. B Indicate in an other-matter paragraph that the predecessor auditor expressed an unmodified opinion on the prior year's financial statements. C Add an emphasis-of-mat...
10 .A former client requests a predecessor auditor to reissue an audit report on a prior period's financial statements. The financial statements are not restated and the report is not revised. What date(s) should the predecessor auditor use in the reissued report?
A The date of the client's request. B The date of the prior-period report. C The dual-dates. D The date of reissue.
