Clarified SAS

Question 1

<p class=”large” style=”text-align:center”;>What is Management Responsible for in regards to the Financial Statements?</p>

Answer 1

<p class=”large” style=”text-align:center”;>Preparation and Fair Presentation of Financial Statements in accordance with the Applicable Financial Reporting Framework</p>

Question 2

<p class=”large” style=”text-align:center”;>What is Management Responsible for in regards to Internal Control?</p>

Answer 2

<p class=”large” style=”text-align:center”;>Internal Control Design, Implementation, Maintenance</p>

Question 3

<p class=”large” style=”text-align:center”;>What are the 4 paragraphs in the Audit Report for an Unmodified Opinion?</p>

Answer 3

<p class=”large” style=”text-align:center”;>Introduction
Management’s Responsibility for the F/S
Auditor’s Responsibility
Opinion </p>

Question 4

<p class=”large” style=”text-align:center”;>What are the 5 paragraphs in the Audit Report for an Modified Opinion?</p>

Answer 4

<p class=”large” style=”text-align:center”;>Introduction
Management’s Responsibility for F/S
Auditor’s Responsibility
Basis for (Modified) Opinion
(Modified) Opinion</p>

Question 5

<p class=”large” style=”text-align:center”;>In an Unmodified Opinion with Emphasis-of-Matter / Other-Matter sections, what is the order of the paragraphs?</p>

Answer 5

<p class=”large” style=”text-align:center”;>Introduction
Management’s Responsibility for the F/S
Auditor’s Responsibility
Opinion
Emphasis-of-Matter
Other-Matter</p>