AT-5906_audit report - Page 1 of 10 CPA REVIEW SCHOOL OF...

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CPA REVIEW SCHOOL OF THE PHILIPPINES M a n i l a AUDITING THEORY AUDIT R E P ORT Related PSAs: PSA 700, 710, 720, 560, 570, 600 and 620 1. When an independent auditor expresses an unqualified opinion he asserts that: Page 1 of 10 ( 1 ) H e p e r f o r m e d t h e a u d i t i n a c c o r d a n c e w i t h g e n e r a l l y a c c e p t e d a u d i
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ting standards. (2) The company is a profitable and viable entity. (3) The financial statements examined are in conformity with GAAP. (4) The financial statements are accurate and free of errors. a. All of the above statements are true. b. Only statements (1) and (3) are true. c. Only statements (2) and (4) are true. d. All of the above statements are false. 2. An audit report should be dated as of the a. date the report is delivered to the entity audited. b. date the financial statements were approved by the client management. c. balance sheet date of the latest period reported on. d. date a letter of audit inquiry is received from the entity’s attorney of record. 3. If a company’s external auditor expresses an unqualified opinion as a result of the audit of the company’s financial statements, readers of the audit report can assume that 4. A statement that the auditor’s responsibility is to express an opinion on the financial statements is contained in the: a. Opening paragraph c. Opening and scope paragraph b. Scope paragraph d. Opinion paragraph 5. The description of an audit in the scope paragraph of the standard audit report includes all of the following except: control risk. 6. The audit report is normally addressed to the: Board of dire c tors Sto ck holde r s Chair of the Audit Co mm ittee a. No Yes No b. Yes Yes No c. Yes Yes Yes d. Yes No Yes 7. If comparative financial statements are presented and the present auditor has audited both years, the auditor should: Redate the report b. Dual date the report Update the report
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