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Chapter 11 Auditing Homework
Course: ACCOUNTING AC 403, Spring 2012School: Mississippi Valley...
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11 Tiffany Chapter Watt Auditing Homework AC 302 01 21. When separate reports are used for the ICFR and financial statement audits, each report includes a paragraph identifying the other report. Below is an example of wording that might be used in the separate report on the financial statements; similar wording would be used in the audit report over ICFR referring to the financial statement audit report. We also...
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11
Tiffany Chapter Watt
Auditing Homework
AC 302 01
21. When separate reports are used for the ICFR and financial statement audits, each
report includes a paragraph identifying the other report. Below is an example of
wording that might be used in the separate report on the financial statements; similar
wording would be used in the audit report over ICFR referring to the financial statement
audit report.
We also have audited, in accordance with the standards of the Public Company
Accounting Oversight Board (United States), ABC, Inc.s internal control over financial
reporting as of December 31, 2007, based on criteria established in Internal ControlIntegrated Framework by issued the Committee of Sponsoring Organizations of the
Treadway Commission and our report dated August 6, 2008 expressed an unqualified
opinion thereon.
22. Regarding subsequent events, assuming management modifies its report
appropriately, the auditor adds only explanatory language to an unqualified ICFR audit
report if a subsequent event occurs after the date of managements assessment
causing ICFR to become ineffective.
23.
Recognized, Type 1: Financial statements reflect the event. Any impact on the audit
report is determined by the auditor.
Nonrecognized, Type 2: Financial statements may require disclosure. Audit report may
highlight the subsequent event.
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Mississippi Valley State University - ACCOUNTING - AC 403
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