Chapter_13 - Chapter 13 Student 1 A B C D For a...

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Chapter 13 Student: ___________________________________________________________________________ 1. For a Corporations Act 2001 audit, the auditor has reporting obligations to: A. management and the board of directors. B. the governing body and members. C. Australian Securities and Investments Commission (ASIC). D. All of the given answers. 2. How are the governing body's and auditor's responsibilities stated in the auditor's report? Governing body's responsibility Auditor's responsibility Implicitly Implicitly Explicitly Explicitly Explicitly Implicitly Implicitly Explicitly 3. When an auditor expresses an adverse opinion, the opinion paragraph should include: 4. The basic elements of the auditor's standard report for a Corporations Act 2001 audit include all of the following except:
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5. When an adverse opinion is expressed, the opinion paragraph should include a direct reference to: A. the paragraph outlining the auditor's responsibility, which discusses the basis for the opinion rendered. B. a footnote to the financial report that discusses the basis for the opinion. C. the consistency or lack of consistency in the application of accounting principles. D. a separate qualification paragraph that discusses the basis for the opinion rendered. 6. For the purposes of the approved auditing standards, what are the differences, if any, between the phrases 'true and fair view' and 'presents fairly, in all material respects'? 7. Your client has followed approved accounting standards but a note to the financial report indicates the early application of an accounting standard that has a pervasive effect on the financial report in advance of its effective date. The note details the reasons for this view. You, as the auditor,
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