![]() b The responsibilities principle under generally accepted auditing standards does not include which of the following?ĭ.Independent attitude a The preparation of an audit plan prior to the beginning of fieldwork is appropriately considered documentation ofĭ.quality assurance. a Which of the following is least related to the concept of independence in appearance?Ī.The auditors' objectivity and ability to act impartially toward the clientī.The ownership of a financial interest in a client by the auditorĬ.The perceptions of individuals who rely on the financial statements and auditors' opinion on the financial statementsĭ.The employment of the auditor's family member in an important position with the client a Which of the following is most closely related to the responsibilities principle?Ī.The requirement that auditors gather sufficient, appropriate evidence upon which to base an opinion on the financial statements.ī.The auditors' compliance with relevant ethical requirements of independence and due care.Ĭ.The auditors' responsibility to plan the audit and properly supervise assistants.ĭ.The auditors' responsibility to issue a report as a result of their examination. b Generally accepted auditing standards areĪ.standards that guide the conduct of an audit examination.ī.standards used by entities in deciding whether to engage or retain the services of auditors.Ĭ.specific actions performed by auditors during an examination.ĭ.legal requirements auditors must observe during the audits of public entities. d Which of the following is not true with respect to the responsibilities for establishing generally accepted auditing standards?Ī.The PCAOB is the body with formal authority for the creation of auditing standards for the audits of public entities.ī.Auditing standards for both public and private entities must be formally approved by the Securities and Exchange Commission.Ĭ.Interpretive publications are issued by the AICPA to provide guidance on the application of generally accepted auditing standards in specific circumstances.ĭ.If specific guidance is not provided by PCAOB Auditing Standards, auditors may refer to Statements on Auditing Standards that have not been amended or superseded. c Which one of the following is not one of the responsibilities principles?ĭ.Proper planning and supervision. b Which of the following principles is most closely associated with the auditors' conclusion as to the fair presentation of the entity's financial statements?ĭ.Performance principle. In all cases where an auditor's name is associated with financial statements, the auditor should clearly indicate the character of the auditor's work, if any, and the degree of responsibility the auditor is taking, in the auditor's report.Which of the following is not a concept from the performance principle under generally accepted auditing standards?Ī.The auditor must obtain sufficient appropriate evidence about whether material misstatements exist.ī.The auditor must express an opinion in accordance with the auditor's findings.Ĭ.The auditor must plan the work and properly supervise any assistants.ĭ.The auditor must determine and apply an appropriate materiality level throughout the audit. When the auditor cannot express an overall opinion, the auditor should state the reasons in the auditor's report. The auditor's report must either express an opinion regarding the financial statements, taken as a whole, or state that an opinion cannot be expressed.If the auditor determines that informative disclosures in the financial statements are not reasonably adequate, the auditor must so state in the auditor's report.The auditor must identify in the auditor's report those circumstances in which such principles have not been consistently observed in the current period in relation to the preceding period.The auditor must state in the auditor's report whether the financial statements are presented in accordance with generally accepted accounting principles. ![]()
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