Audit & Assurance Flashcards
1
Q
Audit report with opinions - 3
A
- Unqualified opinion
- Qualified opinion - misstatements are material but not pervasive
- Adverse opinion - misstatements are material and pervasive
2
Q
Audit report for going concern - 4
A
- Unqualified opinion - assumption not appropriate and prepared in liquidation basis.
- 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: - Qualified opinion - misstatements are material but not pervasive
- Adverse opinion - misstatements are material and pervasive
3
Q
Assertions - Income Statement
Assertion - Balance Sheet
A
Occurrence - Completeness - Accuracy
Existence - Completeness - Valuation
4
Q
Special reports
A
- CAS 805 - Audit of financial information
- Section 8500 - Review of financial information
- Section 9100 - Report on result of audit procedures
- Section 5025 - Audit/Review of non-financial information
- CASE 3530/3531 - Compliance engagement