Exam 11: Completing the Audit 500

Which of the following best describes auditors' responsibilities with respect to evaluating the going-concern status of the entity?

Which of the following items would appear in written representations in the audit of a public entity but not a nonpublic entity?

Auditors try to identify predictable relationships when using analytical procedures. Relationships involving transactions from which of the following accounts most likely would yield the highest level of evidence?

Interim testing normally occurs between the __________ and the __________.

Which of the following events occurring after the audit report release date most likely would cause auditors to make further inquiries about the previously-issued financial statements?

An engagement quality review by a second partner of the audit documentation and financial statements is performed to ensure that the:

Which party should request a letter regarding litigation, claims, and assessments from the client's attorney?

The Orange Corporation was audited for the year ended December 31. The audit was completed on January 25; prior to the release of the report, auditors learned of a two-for-one stock split on February 1. If dual dating is used, what are the proper dates for the auditors' reports?

Which of the following procedures would auditors most likely perform in obtaining evidence about subsequent events?

Following the audit report release date, auditors became aware of facts existing at the report date that would have affected the reports had auditors then been aware of such facts. What is the most appropriate initial course of action that auditors should take?

To whom should written representations be addressed?

Analytical procedures performed near the end of an audit generally include

For each of the communications listed below, select the appropriate time period during which the communication is typically obtained or provided and whether the communication is oral, written, or either oral or written. Acceptance letter (signed copy of engagement letter)

Which of the following is the most effective method of identifying potential earnings management attempts?

For each of the communications listed below, select the appropriate time period during which the communication is typically obtained or provided and whether the communication is oral, written, or either oral or written. Written representations

Which of the following reporting options is available if the client refuses to provide auditors with written representations?

Which of the following is typically not included in the inquiry letter sent to the client's attorneys?

Which of the following procedures would auditors most likely perform to obtain evidence about the occurrence of subsequent events?

A partner of the accounting firm who has not been involved in the audit performs an engagement quality review of documentation. This review usually focuses on

If auditors are appointed on January 3, 2020, the date of the financial statements is December 31, 2020, the date of the auditors' report is February 7, 2021, and the audit report release date is March 3, 2021, what is the appropriate date of the written representations?