Exam 17: Completing the Audit Engagement

An auditor's client has violated a minor requirement of its bond indenture that could result in the trustee requiring immediate payment of the principal amount due.The client refuses to seek a waiver from the bond trustee.Request for immediate payment is not considered likely.Under these circumstances,the auditor must

(Multiple Choice)

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Question 21

Harvey,CPA is preparing an audit program for the purpose of ascertaining the occurrence of subsequent events that may require adjustment or disclosure essential to a fair presentation of the financial statements in conformity with generally accepted accounting principles.Which one of the following procedures would be least appropriate for this purpose?

(Multiple Choice)

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Question 22

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

(Multiple Choice)

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Question 23

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

(Essay)

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Question 24

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

(Essay)

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Question 25

Which of the following ratios is least likely to assist the auditor in determining whether the client is experiencing financial difficulties?

(Multiple Choice)

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Question 26

Dual dating is used to identify unrecorded contingent liabilities.

(True/False)

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Question 27

Which of the following material events occurring subsequent to the balance sheet date would require an adjustment to the financial statements before they could be issued?

(Multiple Choice)

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Question 28

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

(Multiple Choice)

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Question 29

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

(Multiple Choice)

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Question 30

If an auditor dates the auditor's report on financial statements for the year ended December 31,2011,as of February 10,2012,except for Note J,as to which the date is March 3,2012,the auditor is acknowledging responsibility to actively search for and ensure proper handling by management of

(Multiple Choice)

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Question 31

Which of the following is generally requested in a legal letter?

(Multiple Choice)

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Question 32

The management letter is used

(Multiple Choice)

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Question 33

When obtaining evidence regarding litigation against a client,the CPA would be least interested in determining

(Multiple Choice)

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Question 34

Which of the following statements is correct concerning an auditor's required communication with those charged with governance?

(Multiple Choice)

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Question 35

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

(Multiple Choice)

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Question 36

After field work audit procedures are completed,a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up review of the working papers.This second review usually focuses on

(Multiple Choice)

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Question 37

Who generally signs the legal letter?

(Multiple Choice)

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Question 38

The refusal of a client's attorney to provide a representation on the legality of a particular act committed by the client is generally

(Multiple Choice)

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Question 39

Subsequent events for which the auditor has a responsibility to actively search are defined as events that occur subsequent to the

(Multiple Choice)

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Question 40

Showing 21 - 40 of 84

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 a client's attorney?

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

Which of the following ratios is least likely to assist the auditor in determining whether the client is experiencing financial difficulties?

Dual dating is used to identify unrecorded contingent liabilities.

Which of the following material events occurring subsequent to the balance sheet date would require an adjustment to the financial statements before they could be issued?

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

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

If an auditor dates the auditor's report on financial statements for the year ended December 31,2011,as of February 10,2012,except for Note J,as to which the date is March 3,2012,the auditor is acknowledging responsibility to actively search for and ensure proper handling by management of

Which of the following is generally requested in a legal letter?

The management letter is used

When obtaining evidence regarding litigation against a client,the CPA would be least interested in determining

Which of the following statements is correct concerning an auditor's required communication with those charged with governance?

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

After field work audit procedures are completed,a partner of the CPA firm who has not been involved in the audit performs a second or wrap-up review of the working papers.This second review usually focuses on

Who generally signs the legal letter?

The refusal of a client's attorney to provide a representation on the legality of a particular act committed by the client is generally

Subsequent events for which the auditor has a responsibility to actively search are defined as events that occur subsequent to the

An Introduction to Assurance and Financial Statement Auditing

The Financial Statement Auditing Environment

Audit Planning,Types of Audit Tests,and Materiality

Risk Assessment

Evidence and Documentation

Internal Control in a Financial Statement Audit

Auditing Internal Control Over Financial Reporting

Audit Sampling: An Overview and Application to Tests of Controls

Audit Sampling: An Application to Substantive Tests of Account Balances

Auditing the Revenue Process

Auditing the Purchasing Process

Auditing the Human Resource Management Process

Assurance,Attestation,and Internal Auditing Services

Auditing the Financinginvesting Process: Prepaid Expenses, Intangible Assets, and Property, Plant, and Equipment

Auditing the Financinginvesting Process: Long-Term Liabilities, Stockholders Equity, and Income Statement Accounts

Auditing the Financinginvesting Process: Cash and Investments

Reports on Audited Financial Statements

Professional Conduct,Independence,and Quality Control

Legal Liability

Assurance,Attestation,and Internal Auditing Services

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