A1 Flashcards
Names of the CEO and CFO on the annual report is ________ information and the auditor needs to _______ the information
OTHER; READ
MD&A section of annual report required by SEC and not GAAP and left blank will lead auditor to issue ___________ opinion with ________ paragraph
UNQUALIFIED; EXPLANATORY
Auditor must __________ management representation letter when performing subsequent procedures.
REVIEW
1000 of receivables written off after bankruptcy of customer is a __________ Subsequent event
RECOGNIZED
CPA’s REPORT on audited FS prepared of cash receipts and disbursements basis of accounting should state that the presentation of FS is _______
OCBOA
Auditor’s responsibility when when an auditor issues an audit report that is dual dated for a subsequent event that occurred after the original date of the auditor’s report is limited to
THE SPECIFIC EVENT REFERENCED
Subsequently discovered facts that lead to a change in an audit opinion may be presented in a _________ of _________ paragraph or __________ __________ paragraph
EMPHASIS; MATTER; OTHER; MATTER
If an auditor chooses a later date for the audit report, does this extend the auditor’s responsibility for all subsequent events to the later date?
YES
If OTHER information has a material inconsistency, the auditor may modify the opinion on the fairly stated FS. (T or F)
FALSE, the auditor must not modify the opinion when the FS are fairly stated
Auditor’s responsibility stops when the auditor issues the Auditor’s __________
REPORT
Division of responsibilities of Auditors requires a modification of the ___________ section of the auditor’s report
OPINION
The earliest an audit report may be dated is when the auditor has obtained sufficient ____________ audit evidence to support an opinion
APPROPRIATE
Audit report of an issuer should include references to _________ and _______
PCAOB; GAAP
