Internal control over financial reporting

Assignment Help Accounting Basics
Reference no: EM13130654

An auditor has been hired to report on an nonissuer's internal control over financial reporting. Which of the following best describes a reporting option in this scenario?

a) If management fails to provide a written representation letter acknowledging its responsibility for the effectiveness of internal control, the auditor will generally issue an unqualified opinion with additional explanatory language.

b) When a material weakness exists, the auditor should issue an adverse opinion.

c) When a significant deficiency exists, the auditor may issue either a qualified or adverse opinion.

d) If management fails to provide a written representation letter acknowledging its responsibility for the effectiveness of internal control, the auditor may issue either a qualified opinion or an adverse opinion.

Reference no: EM13130654

Questions Cloud

Illustrate what tax advice should we provide tina : Tina is a new client for the firm. Illustrate what tax advice should we provide Tina about her prior and current tax returns concerning her songwriting career?
Explain type of nucleophilic acyl substitution reaction : In the preparation of amides, acid chlorides or anhydrides may be used to react with the selected amine. It is known that acid chlorides are more reactive than the corresponding anhydrides in this type of nucleophilic acyl substitution reaction.
Calculate the target cost per unit : Target Costing. Baker Plumbing Fixtures is developing a preplumbed acrylic shower unit. The team developing the product includes representatives from marketing, engineering, and cost accounting.
Public officials effect on budgeting : What effect does the change in elected officials have on budgeting? What long-term effects might result from this change?
Internal control over financial reporting : An auditor has been hired to report on an nonissuer's internal control over financial reporting. Which of the following best describes a reporting option in this scenario?
How to interpret confidence interval : Mean operating cost for the fleet of delivery trucks because the sample mean is contained in the interval. Do you agree? How would you interpret this confidence interval?
Negative performance reviews is appropriate : Explain why each of the five guidelines to follow in writing effective messages when giving negative performance reviews is appropriate.
Is it important to be objective : Is it important to be objective when receiving feedback? Can your objectivity- or- lack of it affect your use of feedback when revising your rough draft? How, and why?
Comput accrual net income for the year : you determine that customers owed the company $51,000 at the end of the year and no bad debts were anticipated. Also, the company owed the gas and electric company $1,100 at year-end, and the rent payment was for a two-year period. Comput accrual ..

Reviews

Write a Review

Accounting Basics Questions & Answers

  In what direction did the cost of purchases move

Quayle Corporation's inventory cost on its balance sheet was lower using first-in, first-out than it would have been using last-in, first-out. Assuming no beginning inventory, in what direction did the cost of purchases move during the period?

  Determining the cost of research

Godert pharmaceutical company has many scientists working in the labs trying to develop anti-aging drug. The cost of this research and development should be.

  What amount will clancey receive when it issues the bonds

Clancey Inc. issues $2,085,500 of 7% bonds due in 14 years with interest payable at year-end. The current market rate of interest for bonds of similar risk is 11%. What amount will Clancey receive when it issues the bonds?

  Identify features common to gift tax formula and estate tax

Identify the features common to the gift tax formula and the estate tax formula. What is the lifetime gift tax exemption in tax year 2012? What is that exemption amount in 2013?

  Determining single investment amount

Assuming she invests the money her grandmother gives her in a mutual fund that is expected to earn 10%, how much money must she get from Granny if she hopes to meet her early retirement goal?

  Foreign currency hedge-existing receivable

Make journal entries to record the receivable from the sales transaction and the forward contract on April 1. Make journal entries to record collection of the receivable and settlement of the forward contract on May 30

  Discuss possible factors that contribute to these difference

The process by which accounting standards has evolved over time worldwide differs significantly from country to country based on many factors.

  What are the tax savings from making the election

Using property she inherited, Myrna makes a gift of $6.2 million to her adult daughter, Doris. The gift takes place in 2011. Neither Myrna nor her husband, Greg, have made any prior taxable gifts. Determine the gift tax liability if: a.The § 2513 ..

  How much would your choice save in taxes

Hill and Billy plan to marry either immediately before or immediately after year-end. Hill's taxable income for 2011 is $89,000 and Billy's is $85,000 before their exemptions and deductions.

  What is an unasserted claim

What is an unasserted claim and why would an attorney and/or client be reluctant to disclose an unasserted claim in the financial statements.

  Comparing and contrasting federal and state tax research

Write down a 3-5 pg paper comparing and contrasting Federal and state tax research. Examine the different constitutionality challenges with regard to Federal and state taxes.

  What should milley do

Jonathan Milley, the accountant for Bling Sound, Inc. has just completed a review of the General Ledger and is about to begin the adjusting process. His boss, Cantsing has asked to speak to him concerning an outstanding accounts receivable from GG..

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!

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