Exam 11: Completing the Audit

If auditors are appointed on January 3,2012,the date of the financial statements is December 31,2012,the date of the auditors' report is February 7,2013 and the audit report release date is March 3,2013,what is the appropriate date of the written representations?

A.Griffin audited the financial statements of Dodger Magnificat Corporation for the year ended December 31,2012.She completed gathering sufficient appropriate evidence on January 30 and later learned of a stock split voted by the board of directors on February 5.The financial statements were changed to reflect the split,and she now needs to dual date the report on the company's financial statements before sending it to the company.Which of the following is the proper form?

If an entity had litigation pending at the date of the financial statements and auditors learn of the outcome of this litigation following the date of their report (but prior to the audit report release date),this is known as a(n):

Auditors are not required to evaluate the accuracy of management's estimates but are required to evaluate the ___________________ of those estimates as well as the process used in developing those estimates.

Which of the following procedures is not used in auditors' examination of litigation,claims,and assessments?

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

Auditors' communications with the individuals charged with governance of the client can be provided either during the audit or at the conclusion of the audit.

Which of the following forms of communication serves as a critical part of auditors' examination of litigation,claims,and assessments?

Interim testing normally occurs between what two dates?

If a subsequent event provides new information regarding a condition that existed at the date of the financial statements,auditors would ensure that the client's financial statements were _________________________________ to reflect the new information related to the matter.

_____________________________________ are obtained by auditors from the client to impress upon management their primary responsibility for the financial statements.

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

Analytical procedures used in the overall review stage of an audit generally include

Auditors should communicate matters such as the quality of the client's accounting principles to _________________________________.

A charge following the date of the financial statements to a notes receivable account from the cash disbursements journal should alert auditors to the possibility that a

It is ultimately the client's responsibility for adjusting the financial statements for matters identified during the audit.

Which of the following is not a purpose of the review of audit documentation by a supervisor during fieldwork?

If substantial doubt exists about the entity's ability to continue as a going concern,auditors should ensure that appropriate disclosures are provided in the financial statements and modify their on the entity's financial statements.

Management letters are not a means of

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?