ACCT 444 Week 7 Quiz

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ACCT 444 Week 7 Quiz

1. (TCO 2) When a misstatement in the financial statements exists, but is unlikely to affect the decisions of a reasonable user, it would be appropriate to issue (Points : 3)

an unqualified opinion.
a qualified opinion.
an adverse opinion.
a disclaimer of opinion.

 

Question 2.2. (TCO 2) When the auditor believes a company’s financial statements are misleading because they were not prepared in conformity with GAAP, the auditor must issue a(n) (Points : 3)

qualified opinion.
adverse opinion.
disclaimer of opinion.
qualified or an adverse opinion, depending on materiality.

 

Question 3.3. (TCO 2) When qualifying an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in the: (Points : 3)

 

Auditor’s Responsibility ParagraphNotes to the Financial Statements
YesYes

 

Auditor’s Responsibility ParagraphNotes to the Financial Statements
YesNo

 

Auditor’s Responsibility ParagraphNotes to the Financial Statements
NoYes

 

Auditor’s Responsibility ParagraphNotes to the Financial Statements
NoNo

 

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Question 4.4. (TCO 2) Jules, CPA, is reporting on comparative financial statements, but Shah, CPA conducted the previous year’s audit. Which of the following is not true in this situation? (Points : 3)

Dual dating may be used to indicate the appropriate dates for each audit.
If Shah’s report is not presented, an other-matter paragraph should be included to describe this situation.
If Shah’s report was qualified due to a scope limitation, Jules may still issue an unmodified opinion on the current year’s financial statements.
If Shah’s report will be presented, management will need to provide a representation letter to Shah.

 

Question 5.5. (TCO 11) A principal purpose of a letter of representation from management is to (Points : 3)

serve as an introduction to company personnel and an authorization to examine the records.
discharge the auditor from legal liability for the audit.
remind management of its primary responsibility for financial statements.
confirm in writing management’s approval of limitations on the scope of the audit.

 

Question 6.6. (TCO 2) Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity’s ability to continue as a going concern? (Points : 3)

Significant related party transactions are pervasive.
Usual trade credit from suppliers is denied.
Arrearages in preferred stock dividends are paid.
Restrictions on the disposal of principal assets are present.

 

Question 7.7. (TCO 2) In which of the following situations would an auditor ordinarily choose between expressing a qualified opinion or an adverse opinion?(Points : 3)

The auditor did not observe the entity’s physical inventory and is unable to become satisfied about its balance by other auditing procedures.
Conditions that cause the auditor to have substantial doubt about the entity’s ability to continue as a going concern are inadequately disclosed.
There has been a change in accounting principles that has a material effect on the comparability of the entity’s financial statements.
The auditor is unable to apply necessary procedures concerning an investor’s share of an investee’s earnings recognized on the equity method.

 

Question 8.8. (TCO 11) Which of the following procedures might be useful in discovering a contingent liability for a lawsuit that management is intentionally neglecting to disclose? (Points : 3)

Inquiries (orally or in writing) of management
Analyzing legal expense and review invoices and statements from outside legal counsel
Reviewing current and previous years’ internal revenue agent reports
Obtaining a letter of representation from management that it is aware of no undisclosed contingent liabilities

 

Question 9.9. (TCO 2) The two types of services provided in connection with the Statements on Standards for Accounting and Review Services are (Points : 3)

audit and examination services.
compilation and review services
examination and review services.
management advisory services and compilations.

 

Question 10.10. (TCO 2) Which of the following reporting options is least likely with regard to supplementary information that is required by GAAP? (Points : 3)

The auditor’s report on the financial statements includes an other-matter paragraph stating that the auditor has applied the required procedures.
A disclaimer of opinion is issued on supplementary information.
The auditor’s report on the financial statements includes both an opinion on the supplementary information and a statement restricting the use of the report.
The auditor’s report on the financial statements includes an opinion regarding whether the supplementary information is fairly stated in all material respects in relation to the financial statements taken as a whole.

 

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