Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events?
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1 .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:
A Specifically state that the financial statements are not comparable to the prior year due to an uncertainty. B Express a qualified opinion on the financial statements because of a client-imposed scope limitation. C Be unable to express an opinion on the current year's results of operations and cas...
2 .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.
3 .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.
4 .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...
5 .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.
7 .Which of the following procedures would an auditor most likely perform prior to the balance sheet date?
A Send inquiry letter to client's legal counsel. B Review subsequent events. C Review detail and test significant travel and entertainment expenses. D Perform search for unrecorded liabilities.
8 .Which of the following procedures would an auditor most likely perform in obtaining evidence about subsequent events?
A Investigate changes in long-term debt occurring after year-end. B Determine that changes in employee pay rates after year-end were properly authorized. C Recompute depreciation charges for plant assets sold after year-end. D Inquire about payroll checks that were recorded before year-end but cashe...
9 .Which of the following procedures should an auditor generally perform regarding subsequent events?
A Review the cut-off bank statements for several months after the year-end. B Communicate material weaknesses in the internal control structure to those charged with governance. C Compare the latest available interim financial statements with the financial statements being audited. D Send second req...
10 .After issuing an auditor's report, an auditor becomes aware of facts that existed at the report date that would have affected the report had the auditor known of the facts at the time. What is the first thing the auditor should do?
A Determine whether there are persons currently relying on, or likely to rely on, the financial statements and whether those persons would attach importance to the information. B Notify each member of the board of directors that the auditor's report may not be associated with the financial statement...
