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kmholt

Audit Final

QuestionAnswer
17-13 An auditor would be most likely to identify a contingent liability by obtaining a C Letter from the entity's general legal counsel
17-14 An auditor should request that an audit client send a letter of inquiry to those attorneys who have been consulted concerning litigation, claims, or assessments. The primary reason for this request is to provide D Corroboration of the information furnished by management concerning litigation, claims, and assessments
17-15 An auditor issued an audit report that was dual dated for a subsequent event occurring after the date on which the auditor has obtained sufficient appropriate audit evidence but before issuance of the financial statements. The auditor's responsibili A Limited to the specific event referenced.
17-16 Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of any changes in internal control that might affect financial reporting between the end of the reporting period and the date of the audit B Examine relevant internal audit reports issued during the subsequent period.
17-17 Final analytical procedures are generally intended to A Provide the auditor with a final, overall evaluation of the relationships among financial statement balances.
17-18 Which of the following audit procedures is most likely to assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity's ability to continue as a going concern? A Review compliance with the terms of debt agreements.
17-19 Auditing standards primarily encourage which of the following conversations about financial reporting? A A conversation with those charged with governance to discuss matters pertaining to financial reporting.
17-20 Which of the following matters should an auditor communicate to those charged with governance? A Significant Audit Adjustments & Management's Consultations with Other Accountants
17-21 Which of the following events occurring after the issuance of a set of financial stmts and the accompanying auditor's report would be most likely to cause the auditor to make further inquires about the financial stmts? C The discovery of information regarding a contingency that existed before the financial statements were issued.
18-10 In which of the following situations would an auditor ordinarily issue an unqualified financial stmt audit opinion with no explanatory paragraph? B The auditor decides to refer to the report of another auditor as a basis, in part, for the auditor's opinion.
18-11 C
18-12 A
18-13 A
18-14 A
18-15 A
18-16 C
18-17 B
18-18 B
18-19 B
18-20 C
18-21 C
18-22a Unqualified - modified
18-22b Qualified
18-22c Adverse
18-22d Disclaimer - lack of knowledge or Qualified
18-22e Unqualified
18-22f Qualified
18-22g Unqualified - explanatory paragraph (changes in accounting principle)
18-23a Unqualified - Not GAAP
18-23b Unqualified
18-23c Unqualified - change in accounting principle
18-23d Unqualified - explanatory paragraph current year. Qualified prior year (mkt value)
18-23e Unqualified (change in estimate with footnote)
18-23f Unqualified current year. restate prior year
18-23g Disclaimer
18-23h Adverse
19-14 C
19-15 D
19-16 C
19-17 B
19-18 B
19-19 C
19-20 C
19-21 A
19-22 C
19-23 B
19-24 B
19-25 A
19-26 A
21-15 D
21-16 B
21-17 D
21-18 C
21-19 B
21-20 A
21-21 C
21-22 B
21-23 D
21-24 C
21-25 A
Created by: kmholt