A1

Question 1

True / False: During the planning phase, an auditor should obtain an additional understanding of the entities internal controls related to supplementary information.

Answer 1

FALSE, they are not required to obtain a separate understanding of internal controls for supplementary information

Question 2

What kind of paragraph is used in the audit report when a justified change in accounting principle makes a material change to the financial statements?

Answer 2

EMPHASIS-OF-MATTER PARAGRAPH

Question 3

Who assumes the responsibility if the component auditor did work but was under the guidance and control of the group auditor?

Answer 3

GROUP AUDITOR

Question 4

When financial statements are prepared in accordance with a special purpose framework, what type of paragraph is REQUIRED to be included in the audit report?

Answer 4

EMPHASIS-OF-MATTER PARAGRAPH

Question 5

Who should the auditor discuss matters with before they talk with those charges with governance?

Answer 5

MANAGEMENT

Question 6

What is one of the primary purposes for performing analytical procedures during the planning stage?

Answer 6

TO CONSIDER THE LIKELIHOOD OF RMM DUE TO FRAUD