User Account

All Pages

Audit opinion and the opinion on internal controls

Assignment Help Auditing
Reference no: EM13884221

1.Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2013, for a large publicly traded client, the client and the auditor become aware of a material misstatement in sales revenue for the year in question, which was the result of a material weakness in internal controls. Is this a subsequent event or a subsequent discovery of facts? What are the auditor's responsibilities related to the audit opinion and the opinion on internal controls?

Reference no: EM13884221

Questions Cloud

Physical properties of toluene : The ship must unload 1000 metric tons within 5 hours to avoid demurrage charges. Estimate the power required by the pump. Take the pump efficiency as 70%. Physical properties of toluene: density 874 kg/m3, viscosity 0.62 mNm-2 s.
How the nature of the stakeholders defined fora legislative : This case is a good example of how the stakeholders adapted as the intended policy change moved from internal adoption of policy to legislation and back to internal adoption of policy within an existing organization. Can you see how the nature of ..
Who were the critical first players in this movement : Who were the critical first players in this movement and why was their involvement critical? As the network expanded, which other professional groups were involved? Why were those groups, and not others, involved
Undergoing pilot plant trials : Develop project plans for the design and construction of the following processes. Use Figure 1.2 as a guide to the activities that must occur. Estimate the overall time required from launching the project to the start of operation.
Audit opinion and the opinion on internal controls : Is this a subsequent event or a subsequent discovery of facts?
Determine the operating point and pump efficiency : Plot the system curve on the pump characteristic given in Figure and determine the operating point and pump efficiency. Properties of the fluid: density 900 kg/m3, viscosity 1.36 mN m-2 s.
Develop presentation on identify the us, ur, cs, and cr : Develop a 8- to 10-slide Microsoft® PowerPoint® presentation with detailed speaker notes including the following: Create an example of classical conditioning to produce an assigned natural response ,Identify the US, UR, CS, and CR.
The financial statements are fairly presented : 1.How does an auditor evaluate the unadjusted misstatement schedule
What regulations ensure this reporting properly : what regulations ensure this reporting properly

Reviews

Write a Review

Auditing Questions & Answers

  Internal audit

Describe and evaluate this type of internal audit. What types of organisation would it be most useful for?

  Accounting professional and ethical standards

Code of Ethics for Professional Accountants

  Prepare swag''s consolidated balance sheet

Prepare Swag's consolidated balance sheet

  Auditing and assurance

Notable operational challenges for 4X Heavy Ltd faced in 2012/2013 were but not limited to

  State of the company’s industry and associated risk factors

Audit partner is concerned about his lack of knowledge of the industry the company is operating in, state of the company's industry and associated risk factors

  Prepare a memo to the audit partner

Prepare a memo to the audit partner on the ‘state of the company's industry' and associated risk factors.

  Adjusting or non- adjusting events

State whether Event is adjusting or non-adjusting event.

  Audit financial data

As a consequence an accounts payable clerk and financial accountant were made redundant from the business during the year.

  Identify principal audit risk

To identify principal audit risk and corresponding audit procedures

  Auditing and assurance

Show the audit inherent risk and rate the risk as low, medium or high.

  National health reform

Explain the role of the following three 'bodies' in National Health Reform

  Prepare a memo on the state of the company''s industry

Prepare a memo on the 'state of the company's industry' and associated risk factors.

Free Assignment Quote

Assured A++ Grade

Get guaranteed satisfaction & time on delivery in every assignment order you paid with us! We ensure premium quality solution document along with free turntin report!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

All rights reserved! Copyrights ©2019-2020 ExpertsMind IT Educational Pvt Ltd