Exam 11: Completing the Audit

Which of the following conditions or set of circumstances would not ordinarily raise questions about the entity's ability to continue as a going concern?

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

Analytical procedures performed near the end of an audit generally include

Explain briefly (a)written representations,(b)internal control communications,and (c)management letters.In your answer,include the general content of the communication,the parties involved with the communication,the required form of the communication,and whether the communication is required under generally accepted auditing standards.

Roll-forward work normally occurs between the ____ and the ____.

Auditors conclude that the omission of a substantive procedure considered necessary at the time of the examination may impair their present ability to support the previously-expressed opinion.Auditors need not try to perform the omitted procedure if

An important method used by auditors to learn of material contingencies is

Assume that Rory is auditing the financial statements of Augusta Inc.Rory completes his fieldwork on February 25 and his report (along with Augusta's financial statements)is issued on March 1.On March 3,a hurricane destroys a warehouse that contains a significant amount of uninsured inventory.Which of the following best describes Rory's responsibility with respect to the effects of this hurricane on Augusta's financial statements?

Match each statement or description with the term to which it is most likely related.Each term is associated with only one statement.

Auditors have a responsibility to evaluate whether financial statements properly reflect all known events through the

Why should auditors be particularly concerned with "miscellaneous","other",and "clearing" accounts classified as revenues or expenses?

Long and Short,CPAs,were auditing Island Corporation for the year ended December 31,2014.On January 11,2015,a major customer of Island Corporation declared bankruptcy as the result of an uninsured loss due to a major fire in their warehouse on January 8,2015.As a result,a material accounts receivable from the customer was determined to be uncollectible.Long and Short,CPAs,would expect the client to

An entity's income statements were misstated due to the recording of journal entries that involved debits and credits to an unusual combination of expense and revenue accounts.Auditors most likely could have detected this irregularity by

Which of the following auditing procedures most likely would assist auditors in identifying conditions and events that may indicate substantial doubt about an entity's ability to continue as a going concern?

If the date of an entity's financial statements is December 31,the date of the auditor's report is February 20,and the audit report release date is February 22,which of the following is considered a subsequent event?

Near the end of an audit,the application of analytical procedures is

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?

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 in obtaining evidence about subsequent events?

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