A1

Question 1

SAS

Answer 1

principle for nonissuers

Question 2

PCAOB

Answer 2

principle for issuers

Question 3

GAGAS

Answer 3

principle for governmental

Question 4

Auditor Responsibilities

Answer 4

Professional skepticism, ethical, Professional judgement, evaluate sufficient audit evidence, use generally accepted auditing standards

Question 5

reasonable assurance includes

Answer 5

planning work+ supervise assistants, determine materiality, asses risk of material misstatement, obtain sufficient evidence

Question 6

Material and pervasive

Answer 6

Disclaimer

Question 7

Material but not pervasive

Answer 7

Qualified

Question 8

Material and pervasive (Financial Statements)

Answer 8

Adverse

Question 9

Statements are presented fairly

Answer 9

unmodified

Question 10

most significant aspect of audit

Answer 10

key audit matter

Question 11

arise from current periods audit of financial statements

Answer 11

critical audit matter

Question 12

where does basis for opinion on unmodified statements go?

Answer 12

GAAS

Question 13

where do managements responsibilities go on unmodified statements ?

Answer 13

GAAP

Question 14

where do PCOAB auditing standards go on (unqualified)

Answer 14

Basis for opinion section

Question 15

Where is GAAP included? (unqualified)

Answer 15

Opinion on the Financial statements section

Question 16

When should you make an adverse opinion?

Answer 16

insufficient disclosures
unjustified departure from GAAP
Unreasonable accounting estimate
Unjustified US GAAP consistency change

Question 17

when should you make a disclaimer opinion?

Answer 17

inability to perform the substantive test
management refusal to provide a representation letter
timing constraint
refusal for client attorney represent
fails to meet independence requirements.

Question 18

Restriction on audit caused by client

Answer 18

Scope of Limitation

Question 19

material misstatement related to uncertainty

Answer 19

Qualified/adverse

Question 20

insufficient evidence

Answer 20

qualified/disclaimer

Question 21

scope of limitation examples

Answer 21

inability to provide (inventory, receivables, financial statements), audiT Procedure restrictions, inadequate records, management letter refusal, client attorney response refusal

Question 22

fundamental to users understanding of financial statements

Answer 22

emphasis of matter

Question 23

matters other than those presented on the financial statements

Answer 23

other matter

Question 24

Emphasis of Matter Requirement (CAP)

Answer 24

Consistency (lack of)
Audit opinion change
purpose (Special Purpose Framework)

Question 25

Explanatory Paragraph Requirements

Answer 25

1. opinion based on predecessor auditor
   -substantial doubt about ability
   -material change between periods
   -previous material misstatements

Question 26

other matter requirements

Answer 26

-restrict the use of the report
-has predecessor auditor
-presented in comparative matter

Question 27

occurs after balance sheet date but before FS are issued

Answer 27

subsequent event

Question 28

information presented outside financial statement

Answer 28

supplementary information

Question 29

fundamental to users understanding of financial statements

Answer 29

emphasis of matter paragraph