audit of single f/s and specific elements, accounts and items

Question 1

Identify the auditor’s responsibilities when engaged to report on a single financial statement or specific element of a financial statement.
2. Identify the reporting language that would be appropriate when issuing an audit report on a single financial statement or specific element of a financial statement.

Answer 1

f

Question 2

if the specific element is based on SE then the auditor should obtain

Answer 2

sufficient appropriate audit evidence to express an opinion about financial position

Question 3

if the specific element is based upon net income

Answer 3

the auditor should obtain sufficient appropriate evidence to express an opinion about both financial position and results of operations

Question 4

incomplete presentation

Answer 4

anything less than a set of 12 criteria

if associated with incomplete presentation then a emphasis of matter paragraph is needed