Exam 13: Completing and Reporting on the Audit

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Mostafa Torabi, the partner on the Torabi, Jimenez LLP audit called a meeting of his senior staff during the engagement wrap-up. Which of the following areas would be the least likely to be covered during the wrap up?

(Multiple Choice)

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Question 61

Which of the following is not an area of disagreement with those charged with governance that may result in a modified audit opinion?

(Multiple Choice)

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Question 62

A key audit matter is:

(Multiple Choice)

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Question 63

Which of the following statements is correct regarding a type 1 subsequent event?

(Multiple Choice)

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Question 64

When Ken Baez released the audit report of Imperial Corp., he did not anticipate that there would follow an announcement two days later that several days after year-end his client's Foreign subsidiary had been nationalized by Libya for non-compliance to environmental laws of The country. What type of subsequent event was this?

(Multiple Choice)

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Question 65

Demand for forensic accounting has grown following the collapses of Enron and Worldcom. Explain the important characteristics of forensic accountants and the main techniques they use to investigate fraud.

(Essay)

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Question 66

An unqualified audit report with an emphasis of matter should be issued if a subsequent event has occurred that has resulted in a new audit report being prepared on a revised financial statement.

(True/False)

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Question 67

Which of the following are examples of qualitative considerations that may cause misstatements of quantitatively immaterial amounts to be considered material?

(Multiple Choice)

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Question 68

Management's responsibilities for the financial statements do not include which of the following?

(Multiple Choice)

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Question 69

Showing 61 - 69 of 69

Mostafa Torabi, the partner on the Torabi, Jimenez LLP audit called a meeting of his senior staff during the engagement wrap-up. Which of the following areas would be the least likely to be covered during the wrap up?

Which of the following is not an area of disagreement with those charged with governance that may result in a modified audit opinion?

A key audit matter is:

Which of the following statements is correct regarding a type 1 subsequent event?

Demand for forensic accounting has grown following the collapses of Enron and Worldcom. Explain the important characteristics of forensic accountants and the main techniques they use to investigate fraud.

An unqualified audit report with an emphasis of matter should be issued if a subsequent event has occurred that has resulted in a new audit report being prepared on a revised financial statement.

Which of the following are examples of qualitative considerations that may cause misstatements of quantitatively immaterial amounts to be considered material?

Management's responsibilities for the financial statements do not include which of the following?

Introduction and Review of Audit and Assurance

Ethics, Legal Liability and Client Acceptance

Audit Planning I

Audit Planning II

Audit Evidence

Sampling and Overview of the Risk Response Phase of the Audit

Understanding and Testing the Clients System of Internal Controls

Execution of the Audit Performing Substantive Procedures

Auditing Sales and Receivables

Auditing Purchases, Payables and Payroll

Auditing Inventories and PPE

Auditing Cash and Investments

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