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22 which of the following would not be included in a

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22. Which of the following would not be includedin a practitioner’s report based upon a review ofan entity’s financial statements?A.A statement that the financial statements are theresponsibility of the company’s management.B.A statement describing the principal proceduresperformed.C.A statement that the review was conducted inaccordance with PSAD.A statement describing the practitioner’s conclusionsbased upon the results of the review.The review report includes a statement that thereview was conducted in accordance with thePhilippine Standard on Review Engagement2400. Moreover, the report indicates that areview consists principally of inquiries andanalytical procedures and provides lessassurance than an audit.
23. The date of the review report should
24. During an engagement to review thefinancial statements of an entity, a practitionerbecomes aware of a material departure fromPFRS. If the practitioner decides to modify thereview report because management will notrevise the financial statements, the practitionershould
either:a.Express a qualification of the negativeassurance provided in the report; orb.When the effect of the departure is somaterial and pervasive that a qualificationis believed to be inadequate to disclosethe misleading or incomplete nature of thefinancial statements, give an adversestatement that the financial statementsare not presented fairly, in all materialrespects, in accordance with PFRS.

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Term
Winter
Professor
N/A
Tags
Generally Accepted Accounting Principles, Financial audit, Auditor s report

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