Question 1 which of the subsequent is true about given

Assignment Help Financial Accounting

Reference no: EM13348879

Question :

1. Which of the subsequent is true about given events?

a. They are events happening between the date of the audit report and the date of the financial statements.

b. Needs the reading minutes of the meetings of the entity's management and owners after the date of the financial statements and curious about matters discussed at any such meetings for which minutes are not yet required

c. The auditor could perform audit procedures designed to get sufficient appropriate audit evidence that all subsequent events that need adjustment of, or disclosure in, the financial statements have been identified.

d. All of the above are true

2. When doing audits on the financial information of components, the group engagement team or the component auditor could perform procedures designed to recognize subsequent events

a. Getting an understanding of any procedures that group management has established to make sure that such subsequent events are identified

b. Requesting written shown from component management regarding subsequent events

c. Reading the subsequent year's operating and capital budgets

d. Evaluation cash receipts after year end

3. Factors that can affect the decision to use the work of component auditors or make reference to their audit add all of the subsequent except:

a. Dissimilarities in the FRF of the component financial statements vs. the financial reporting framework of the group financial statements

b. Differences in the auditing and other standards useful by the component auditor and those applied in the audit of the group financial statements

c. Whether the audit of the financial statements of the component can be completed in time to meet the group reporting timetable

d. All of the given are factors affecting the decision

4. A scope limitation of the audit can arise from all of the subsequent except:

a. Circumstances beyond the control of the entity

b. Circumstances relating to the timing or nature of the auditor's work

c. Lack of understanding of a new FASB pronouncement

d. Limitations imposed by management

5. If management refuses to eliminate a client imposed scope limitation, the auditor could do all of the subsequent except:

a. Communicate the matter to those charged with governance

b. Evaluate whether it is possible to perform alternative procedures to get sufficient appropriate audit evidence

c. Reduce the engagement to a compilation or review

d. Withdraw from the engagement

Reference no: EM13348879

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