Audit & Assurance Flashcards

1
Q

Audit report with opinions - 3

A
  1. Unqualified opinion
  2. Qualified opinion - misstatements are material but not pervasive
  3. Adverse opinion - misstatements are material and pervasive
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2
Q

Audit report for going concern - 4

A
  1. Unqualified opinion - assumption not appropriate and prepared in liquidation basis.
  2. Unqualified opinion with an emphasis of matter - assumption is appropriate but with material uncertainty.
    When assumption is not appropriate and not prepared in liquidation basis:
  3. Qualified opinion - misstatements are material but not pervasive
  4. Adverse opinion - misstatements are material and pervasive
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3
Q

Assertions - Income Statement

Assertion - Balance Sheet

A

Occurrence - Completeness - Accuracy

Existence - Completeness - Valuation

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4
Q

Special reports

A
  1. CAS 805 - Audit of financial information
  2. Section 8500 - Review of financial information
  3. Section 9100 - Report on result of audit procedures
  4. Section 5025 - Audit/Review of non-financial information
  5. CASE 3530/3531 - Compliance engagement
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