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Auditing, Last 20 Questions Ch 17

20 Questions  I  By Assman
Finance Quizzes & Trivia
This is the last 20 questions of ch 17.   there hard as frozen shit.  

  
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Question Excerpt

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1.  . In which of the following circumstances would an auditor be most likely to express an adverse opinion?
A.
B.
C.
D.
2.  An auditor's report on comparative financial statements should be dated as of the date of the
A.
B.
C.
D.
3.  Which of the following will result in explanatory language as to consistency in the auditor's report, regardless of whether the item is fully disclosed in the financial statements?
A.
B.
C.
D.
4.  64. If the principal auditor decides to make reference to the other auditor's audit, the introductory paragraph must specifically indicate the:
A.
B.
C.
D.
5.  When the auditor is unable to determine the amounts associated with the illegal acts of client personnel because of an inability to obtain adequate evidence, the auditor should issue a(an):
A.
B.
C.
D.
6.  An auditor has been asked to report on the balance sheet of Kane Company but not on the other basic financial statements. The auditor will have access to all information underlying the basic financial statements. Under these circumstances, the auditor:
A.
B.
C.
D.
7.  When financial statements of a prior period are presented on a comparative basis with financial statements of the current period, the continuing auditor is responsible for:
A.
B.
C.
D.
8.  . If an accounting change has no material effect on the financial statements in the current year, but the change is reasonably certain to have a material effect in later years, the change should be:
A.
B.
C.
D.
9.  When reporting on comparative financial statements where the financial statements of the prior period have been examined by a predecessor auditor whose report is not presented, the successor auditor should indicate in the report:
A.
B.
C.
D.
10.  Morgan, CPA, is the principal auditor for a multinational corporation. Another CPA has examined and reported on the financial statements of a significant subsidiary of the corporation. Morgan is satisfied with the independence and professional reputation of the other auditor, as well as the quality of the other auditor's audit. With respect to Morgan's report on the consolidated financial statements, taken as a whole, Morgan:
A.
B.
C.
D.
11.  The principal auditor is satisfied with the independence and professional reputation of the other auditor who has audited a subsidiary. To indicate the division of responsibility, the principal auditor should modify:
A.
B.
C.
D.
12.  The fourth reporting standard requires the auditor's report to contain either an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. The objective of the fourth standard is to prevent:
A.
B.
C.
D.
13.  Doe, an independent auditor, was engaged to perform an audit of the financial statements of Ally Incorporated one month after its fiscal year had ended. Although the inventory count was not observed by Doe, and accounts receivable were not confirmed by direct communication with debtors, Doe was able to gain satisfaction by applying alternative auditing procedures. Doe's audit report will probably contain
A.
B.
C.
D.
14.  . A limitation on the scope of the audit sufficient to preclude an unqualified opinion will always result when management
A.
B.
C.
D.
15.  An independent auditor has concluded that a substantial doubt remains about a client's ability to continue as a going concern, but the client's financial statements have properly disclosed all of its solvency problems. The auditor would probably issue a(an):
A.
B.
C.
D.
16.  52. In which of the following circumstances would an adverse opinion be appropriate?
A.
B.
C.
D.
17.  For a particular entity's financial statements to be presented fairly in conformity with generally accepted accounting principles, it is not required that the principles selected
A.
B.
C.
D.
18.  Which of the following representations does an auditor make explicitly and which implicitly when issuing an unqualified opinion on public company financial statements?
A.
B.
C.
D.
19.  For a continuing audit client, when a complete set of financial statements is presented on a comparative basis for two years, the auditors' opinion would refer to:
A.
B.
C.
D.
20.  . Which of the following will not result in qualification of the auditors' report due to a scope limitation?
A.
B.
C.
D.
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