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Explain what is meant by contingencies

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Reference no: EM133078099

Questions -

Q1. Explain why auditors' reports are important to users of financial statements.

Q2. What five circumstances are required for an unqualified opinion?

Q3. List the elements of the auditor's report with an unmodified opinion and explain the meaning of each part.

Q4. What are the purposes of the opinion paragraph in the auditor's report? Identify the most important information included in the opinion paragraph.

Q5. What are the purposes of the basis of opinion paragraph in the auditor's report? Identify the most important information included in the basis of opinion paragraph.

Q6. What is the purpose of key audit matters in the auditor's report? Why do the international standards only mandate key audit matters for listed entities?

Q7. Explain what is meant by a "close call" in evaluating the going concern. If, in assessing a "close call," the auditor concludes that the client does not need to disclose a material uncertainty related to going concern, why is it likely to be considered a key audit matter?

Q8. What are the purposes of the management responsibility paragraph in the auditor's report? Identify the most important information included in the paragraph.

Q9. What are the purposes of the auditor responsibility section in the auditor's report? Identify the most important information included in the section.

Q10. On February 17, 2019, a public accountant completed the examination of the financial statements for Bucky Company for the year ended December 31, 2018. The audit is satisfactory in all respects. On February 26, the auditor completed the tax return and the pencil draft of the financial statements. Management approved these financial statements on March 1, 2019. The final auditor's report was completed, attached to the financial statements, and delivered to the client on March 7, 2019. What is the appropriate date on the auditor's report?

Q11. Explain what is meant by "contingencies." Give an example of a contingency, and discuss its appropriate disclosure in the financial statements.

Q12. Why would an auditor use an emphasis of matter or an other matters paragraph with an unqualified audit report?

Q13. List the conditions requiring modification to the audit opinion, and give one specific example of each of those conditions.

Q14. Distinguish among a qualified opinion, an adverse opinion, and a disclaimer of opinion, and explain the circumstances under which each is appropriate.

Q15. Define "materiality" as it is used in audit reporting. What conditions will affect the auditor's determination of materiality?

Q16. Distinguish between the levels of materiality and pervasiveness an auditor considers when assessing how to deal with an inappropriate use of an accounting principle or known material error in the financial statements.

Reference no: EM133078099

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