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19
Analyze the following:
I – Related party is any entity who has the capacity to control or jointly control, or exercise significant control over the reporting entity.
II – The chief internal auditor would generally qualify as chief operating decision maker.
III – Failure to record the expired amount of prepaid rent expense may understate liabilities.
Given these, we can conclude that:
Group of answer choices
Only statement II is not false.
Only statement III is not true.
All statements are not true.
Only statement I is not false.
Step by step
Solved in 3 steps
- {Auditing} 19. Choose the statement/s, which explains the concept of true and fair view. a. All the options b. Accuracy in the accounting transaction and records c. Financial statements are free from material misstatement d. Presentation of financial statements according to accounting standards framework43 From the options given below identify which one of the statements shows the meaning of the term Evaluation. a. None of the options b. It denotes to trustworthiness and satisfaction of information c. It is a procedure of verification of accounting transactions d. Proper communication of information by considering the judgmentWhich of the following statements is true regarding assertions in the revenue cycle? a. It is typical that all five assertions for revenue are equally important. b. If a client has an incentive to overstate revenues, the existence assertion would be more relevant than the completeness assertion. c. Audit evidence about the existence of revenues is also the most appropriate evidence about the valuation of receivable. d. The allowance for doubtful account has important implications for the ownership assertion of accounts receivable.
- 15. A fair presentation is achieved by compliance with applicable IFRSs. A fair presentation also requires an entity: (choose the incorrect statement) a. to provide additional disclosures when compliance with the specific requirements in IFRSs is insufficient to enable users to understand the impact of transactions b. to select and apply accounting policies in accordance with IAS 8 c. to establish a system of internal control, the responsibility for which is the entity’s auditor. d. to present information, including accounting policies, in a manner that provides relevant, reliable, comparable, and understandable information.{Auditing} 15. Find the nature of materiality if the client incorrectly selects and applies accounting policy which has negligible effect in the current period but has significant effect on the future period. a. Material by nature b. None of the options c. Materiality by the amount for financial statements as a whole d. Either materiality by amount or materiality by natureWhich of the following services provides the lowest level of assurance on a financial statement Select one: a. Neither service provides assurance on financial statements b. review c. Each service provides the same level of assurance on financial statements d. audit
- 6. Inherent risk is the susceptibility of an account balance, class of transactions or disclosure to material misstatement given inherent and environmental characteristics, but without regard to internal control. Required:Identify and discuss five (5) factors that affect inherent risk at the financial report level.{Auditing} 33. The auditor shall express ________opinion when he concludes that there are possibilities of material misstatements that are pervasive to the financial statements. a. Adverse b. Qualified c. None of the options d. Disclaimer19. An auditor conducting an audit in accordance with ______________is responsible for obtaining reasonable assurance that the financial statements taken as a whole are free from material misstatement, whether caused by fraud or error. a. ISAs b. None of the options c. IFRS d. IAS
- One of the purposes of internal control is to protect: Select one: a. assets. b. all statement of financial position accounts. c. liabilities. d. None of the answers are correct46 List of Statement 1. A defective audit trail exists when an individual is not able to follow the flow of a transaction from its initiation and inclusion in the financial statement representation, or vice-versa. 2. Managers of profit centers have responsibility for both cost control and revenue generation while managers of cost centers only have responsibility for costs. Which of the statement(s) above is(are) invalid? O Statement 1 Both statements are invalid Both statements are valid O Statement 2 Answer onlyFor each of the following brief scenarios, assume that you are reporting on a client’s financial statements. Select the type(s) of opinion (per below) possible for the scenario. In addition: Unless stated otherwise, assume the matter involved is material. If the problem doesn’t tell you whether a misstatement pervasively misstates the financial statements or doesn’t list a characteristic that indicates pervasiveness, two reports may be possible (i.e., replies 6 to 9). Do not read more into the circumstances than what is presented. Do not consider an auditor discretionary circumstance for modification of the audit report unless the situation explicitly suggests that the auditor wishes to emphasize a particular matter. * Note that this simulation has more parts than one would expect in a particular CPA exam simulation. We present it to provide examples of many types of reporting situations in one problem. Types of opinion may be used once, more than once, or not at all. 1. A…
