AUD 6 Quality Control

Question 1

An engagement team discussion with the audit team is primarily to give guidance to the staff regarding

Answer 1

the susceptibility of the entity’s financial statements to material misstatement.该实体的财务报表重大错报的易感性

Question 2

Per the AICPA’s quality control standards, it is important that the firm put in place policies and procedures to ensure the audit work meets professional standards. These standards include:

Answer 2

1. has considered the integrity of the client, including the identity and business reputation of the client’s principal owners, key management, related parties, and those charged with its governance, and the risks associated with providing professional services in the particular circumstances;
2. is competent to perform the engagement and has the capabilities and resources to do so; and
3. can comply with legal and ethical requirements.

Question 3

It is unlikely that sufficient appropriate audit evidence is available to support an opinion on the financial statements.

Answer 3

A disclaimer of opinion is warranted when restrictions on the scope of the audit are so severe, whether client-imposed or due to other reasons, that the auditors are unable to obtain sufficient audit evidence to enable them to form an opinion.

Question 4

A quality control requirement under Government Auditing Standards requires a CPA seeking to

Answer 4

enter into an audit contract to provide the CPA’s most recent external quality control review report to the party contracting for the audit.