Exam 17: Completing the Audit Engagement

An auditor issued an audit report that was dual dated for a subsequent event that occurred after the completion of fieldwork but before issuance of the auditor's report. The auditor's responsibility for events occurring subsequent to the completion of fieldwork was

If an auditor dates the auditor's report on financial statements for the year ended December 31, 2013, as of February 10, 2014, except for Note J, as to which the date is March 3, 2014, the auditor is acknowledging responsibility to actively search for and ensure proper handling by management of

When considering the use of management's written representations as audit evidence about the completeness assertion, an auditor should understand that such representations

While auditing other business processes, an auditor may identify information about contingent liabilities. What specific audit procedures relating to other business processes could uncover these liabilities?

An auditor's decision concerning whether or not to "dual date" the audit report is based upon the auditor's willingness to

What information is typically requested in a legal letter to an entity's attorney?

For which of the following matters should an auditor obtain written management representations?

Which of the following statements extracted from an entity's lawyer's letter concerning litigation, claims, and assessments most likely would cause the auditor to request clarification?

A disclosure of a contingent liability in the footnotes is made rather than adjusting the financial statement accounts when

Identify the two primary types of subsequent events that require consideration by management and evaluation by the auditor and give two examples of each type.

An example of a Type I subsequent event is

Dual dating is used to identify unrecorded contingent liabilities.

Which of the following statements ordinarily is included among the written management representations obtained by the auditor?

After an audit report containing an unqualified opinion on a nonpublic entity's financial statements is issued, the auditor learns that the entity has decided to sell the shares of a subsidiary that accounts for 30 percent of its revenue and 25 percent of its net income. The auditor should

Which of the following procedures should an auditor generally perform regarding subsequent events?

Who generally signs the legal letter?

When auditing contingent liabilities, which of the following procedures would be least effective?

Every contingent liability must be recorded.

Which of the following procedures would an auditor most likely perform to obtain evidence about an entity's subsequent events?

Discuss the internal control communication requirements of the PCAOB. What must auditors of public companies report to those charged with governance?