Conclusions & Reporting

Question 1

Opinion & basic element

Answer 1

Presented fairly in all material aspects (qualative aspect- bias)
Reasonable assurance free from material misst
Basic element- assessing estimates

Question 2

Eval of F/S disclosure w/ significant policies

Answer 2

Consistent w/ & describe framework
Estimates are reasonable
Info- relevant, reliable & understandable
User understands material trans
Terminology is appropriate

Question 3

Eval if F/S adhere to framework

Answer 3

GAAP accordance
Prior period consistency
Adequit disclosure
Opinion

Question 4

Unaudited prior period report

Answer 4

Reference in separate paragraph
Reissue of detail responsibility
Remote chance loss- Unmodified opinion

Question 5

Unmodified / Unqualified (PCAOB)

Answer 5

clear opinion

Question 6

Modified / Qualified

Answer 6

Reservations but fairly stated
Misst not pervasive
Scope limitation - Omit CF stmt
Presentation- Misst; GAAP depart
Scope- Not able to sufficient/appropriate evidence

Question 7

Adverse

Answer 7

Misst both material and pervasive (Material Weekness)

Question 8

Disclaimer

Answer 8

Severe
Unable to obtain evidence
State basis (reasoning) for disclaimer
(Investee docs, Inventory verif, no access, Unjust principle change)

Question 9

AICPA Report (Non Issuer)

Answer 9

Title- Independent Auditor's Report
To- BOD
Intro- Co name, F?S, periods
Mgmt reponsib- prep, fair presentation
Auditor responsib- express opinion, accord w/ GAAS, assess risk, appropriatness of ploicies
Opinion- 
Sign, address, date

Question 10

PCAOB Report (Issuer)

Answer 10

Title- Report fo the Independent Registered Public Acct Firm
To- BOD & Shareh
Section #1- opinion
Section #2- Basis
       Mgmt respons
       Auditors repons
       PCAOB descrip & basis
Section #3- critical matters
Sig, address, tenure, date

Question 11

Emphasis of Matter

Answer 11

Crucial to understanding-
Special framew
Going concern
Principle change

Question 12

Other Matter

Answer 12

Relevant not crucial-

reference IC report

Question 13

IC Integrated w/ F/S

Answer 13

Opinion on effectiveness

Question 14

AICPA ICFR

Answer 14

Audit over mgmt effectiveness over IC
Intro
Mgmt respons
Auditors reponse
Definition & limits of ICFR
Opinion
Other matter- reference Audit

Question 15

Component auditor

Answer 15

Unmodified w/ reference

Question 16

Limited scope audit

Answer 16

Disclaim F/S
Other matter
Opinion- comply w/ authority

Question 17

Assurance Svcs address

Answer 17

Quality & Context of info

Question 18

Financial Projection (prospective)

Answer 18

Restricted use & distribution; Reference F/S

Question 19

Financial Forecast

Answer 19

General distribution; Reference F/S

Question 20

Inquiries of previous Auditor

Answer 20

Mgmt integrity
Disagreements regarding procedures
Understanding of reason for Auditor change

Question 21

Audit Report Mgmt Responsibilities

Answer 21

Prep & Fair presentation of design, implementation & maint of IC

Question 22

Audit Report Auditor Responsibilities

Answer 22

Express opinion of accordance w/ GAAP, judgment procedures, Assess risk & appropriate policies