Reference no: EM132712603
Problem 1: S1 In the enhanced auditor's report, the name of the engagement partner should be disclosed. S2 Independence and ethics in the enhanced auditor's report are explicit.
a. True, true c. False, true
b. True, false d. False, false
Problem 2: Which of the following statements is correct?
a. The opinion paragraph is the enhanced auditor's report appears in the second half of the report.
b. The opinion paragraph is the enhanced auditor's report appears in the first half of the report.
c. The placement of the opinion paragraph in the old and enhanced auditor's report did not change.
d. The opinion paragraph in the enhanced auditor's report may appear in either the first or second half of the report.
Problem 3: S1 In the enhanced auditor's report, subheading for the unmodified opinion paragraphs requires the word "unqualified".
S2 In the enhanced auditor's report, all subheadings for the modified opinion paragraphs require the word "qualified", "adverse", or "disclaimer".
a. True, true c. False, true
b. True, false d. False, false
Problem 4: Which of the following statements is true?
I. The auditor is required to issue a disclaimer of opinion in the event of a material uncertainty.
II. The auditor is required to issue a disclaimer of opinion in the event of a going concern problem.
a. I only c. I and II
b. II only d. Neither I nor II
Problem 5: You are auditing Mabuhay and Company. You are aware of a potential lost due to non-compliance with environmental regulations. Management has assessed that there is a 40% chance that a P10 million payment could result from the non-compliance. The appropriate financial statement treatment is to
a. Accrue a P4 million liability.
b. Disclose a liability and provide a range of outcomes.
c. Since there is less than 50% chance of occurrence, ignore.
d. Since there is greater that remote chance of occurrence, accrue the P10 million.
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