chap 3 standard audit report and report on internal control over financial reporting under PCAOB auditing standards

Question 1

report for public companies is what sections?

Answer 1

title address intro scope opinion firm name and address a report date

Question 2

PCAObB auditing standard 5 requires what?

Answer 2

audit of internal control integrated with audit of FSs

Question 3

what are the 2 big differences for audit reporting for public companies?

Answer 3

1. the standard unmodified opinion audit report is different 2. auditors of larger public companies must also issue an opinion on internal control over finanical reporting

Question 4

what is opinion paragraph in public report have?

Answer 4

if issue separtate report on internal control , 4th paragraph wold foolow opinion and reference audit report on internal control

Question 5

what does intro paragraph in public report have?

Answer 5

audit performed, FS lookedat. FS responsibiltiy of management. audot respon to express opinion

Question 6

section 404b of sarban oxley act requires auditor of public company to report on what?

Answer 6

the effectiveness of internal control over fianancial reporting

Question 7

what does scope paragrap of pulic report h ave?

Answer 7

auidit designed to provide assurance free matieral misstament. scope paragra says auditing done on test basis