(A1)M1-M4

Question 1

When should the auditor’s report be modified?

Answer 1

FS as a whole are materially misstated or auditor is unable to obtain sufficient appropriate evidence that FS are free from MM

Question 2

GAAS is mentioned in which paragraph(s) of an unmodified audit opinion?

Answer 2

Auditor’s Responsibility

Question 3

GAAP (or other framework) is mentioned in which paragraph(s) of an unmodified audit opinion?

Answer 3

Management’s Responsibility and Opinion

Question 4

PCAOB Auditing Standards is mentioned in which section(s) of an unqualified audit opinion?

Answer 4

Basis for Opinion

Question 5

GAAP (or other framework) is mentioned in which section(s) of an unqualified audit opinion?

Answer 5

Opinion on the Financial Statements

Question 6

What must an auditor do to obtain reasonable assurance?

Answer 6

Plan the work and supervise
Determine appropriate materiality
ID and assess RoMM
Obtain sufficient appropriate evidence

Question 7

If a modified opinion is issued, the wording is changed in which paragraph(s)?

Answer 7

Auditor’s Responsibility and Opinion

Question 8

An Emphasis of Matter paragraph follows ___?

Answer 8

The Opinion paragraph

Question 9

Departure from GAAP due to circumstances that would otherwise result in misleading FS. What type of opinion would be expressed?

Answer 9

Unmodified

Question 10

the word “should” in any question implies what?

Answer 10

that something is a requirement, the auditor must do it unless there is valid reason not to