Reference no: EM132984512
REVIEW QUESTIONS AND PROBLEMS -
Q1. Describe the so-called culmination of the audit process.
Q2. What is the auditor's primary basis for the expression of an opinion on the financial statements?
Q3. In forming an opinion on the financial statements, what factors should the auditor consider in concluding whether the financial statements as a whole are free from material misstatement, whether due to fraud or error?
Q4. What should the auditor consider and evaluate in determining whether the financial statements are prepared in all material respects in accordance with the applicable financial reporting framework?
Q5. In evaluating whether the financial statements achieve fair presentation, what should the auditor take into consideration?
Q6. When should the auditor express on unmodified opinion or the financial statements?
Q7. What course of action should the auditor take if it is found that financial statements prepared are not fairly presented?
Q8. Describe the audit report to be issued by the auditor if the audit was conducted in accordance with Philippine Standards on Auditing and the financial statements audited were found to have been prepared in accordance with a fair presentation framework.
Q9. What specific information/data are contained in the first paragraph of the standard audit report?
Q10. Why is management's responsibility for the financial statements paragraph in the audit report important?
Q11. What is the significance of the section auditor's responsibility in the audit report?
Q12. How should the auditor's report be dated?
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