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Describe the two general types of subsequent events

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Reference no: EM133186995

Question -

1. The auditor concludes that a client's illegal act, which has a material effect on the financial statements, has not been properly accounted for or disclosed. Depending on the pervasiveness of the effect on the financial statement, auditor Anurodh should express either a(an):

A. Adverse of opinion and modified opinion with an emphasis of matter paragraph

B. Disclaimer of opinion or unmodified opinion

C. Modified opinion and adverse opinion with an emphasis of matter paragraph

D. Adverse opinion or a disclaimer of opinion

E. Adverse opinion and modified opinion with an other matter paragraph

F. Qualified opinion or an adverse opinion

2. To test the completeness assertion for recorded receivables, an auditor would select a sample from the:

A. Sales orders file.

B. Customer purchase orders.

C. Shipping documents (bills of lading) file.

D. Accounts receivable subsidiary ledger.

3. Auditors must be concerned with events that occur subsequent to the balance sheet date, because the events may need to be reflected in the financial statements.

a. Describe the two general types of subsequent events.

b. What is the auditors' responsibility with respect to detecting subsequent events?

c. Explain three audit procedures that are used by the auditors to search for subsequent events.

Reference no: EM133186995

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