True False 98 It is ultimately the clients responsibility for adjusting the

True false 98 it is ultimately the clients

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TrueFalse98. It is ultimately the client's responsibility for adjusting the financial statements for matters identified during the audit.TrueFalse
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99. The engagement quality review of audit documentation by a different partner focuses on whether all appropriate steps in the audit were performed and whether the referencing among all audit documentation is clear.TrueFalse100.The subsequent period is the time period between the end of auditors' interim testing and the balance sheet date.TrueFalse101.Reviewing the latest interim financial statements is one method of identifying subsequentevents.TrueFalse102.A Type I subsequent event provides additional information about a condition that existed at the balance sheet date.TrueFalse103.The guidelines for subsequent discovery of facts are applicable when a subsequent eventis identified following the audit completion date but prior to the audit report release date. TrueFalse104.If a necessary audit procedure has been omitted, auditors should first identify whether individuals are currently relying on the client's financial statements and auditors' reports. TrueFalse105.Auditors' communications with the individuals charged with governance of the client can be provided either during the audit or at the conclusion of the audit.TrueFalse
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Fill in the Blank QuestionsQuestions are also Found in the Study Guide106. Interim testing occurs between the the balance sheet date.of the year and107. work extends auditors' conclusion from the date ofthe interim testing to the balance sheet date.108. areused byauditors to verify the reasonableness of revenue and expense accounts by comparing recordedrevenues and expenses to prior-year balances.109. To obtain evidence regarding litigation, claims, and assessments, auditors request thatthe client send a letter to its .110. The method ofevaluating adjustments considers the aggregated effect of current and prior misstatements in the entity's balance sheet.111. areobtained byauditors from the client to impress upon management their primary responsibility for thefinancial statements.
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112.If the client fails to provide management representations to the auditor, a qualified opinion or should be issued.113.The ultimate responsibility for adjusting the financial statements in response to misstatements detected during the audit rests with the .114. A(n) is aproposed adjustment auditors decide not to insist that the client make because it does not havea material effect on the client's financial statements.115.A partner who is not involved with the audit but reviews the audit documentation is referred to as a(n) partner.116. Subsequent events occur between the balance sheet date and the.117. A(n) subsequent event provides new information regarding a condition that existed at the balancesheet date.
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118. A Type II subsequent event occurs date.
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  • Spring '14
  • SATINA
  • Balance Sheet, Financial audit, attorney

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