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In class, we discussed the notion of an audit philosophy of tests of accounts for overstatement and understatement to gain audit efficiencies. Consider the following statements:
I. Testing Sales revenue for UNDERstatement, conceptually, also tests Accounts Receivable for OVERstatement.II. Assume that company management made the following journal entry: Capital Asset (i.e. Building) XXRepairs and Maintenance Expense XX
Problem 1: If the auditor tests the asset account for overstatement, then conceptually: Expenses are also tested for understatement.
a. I is true; II is true.b. I is true; II is false.c. I is false; II is true.d. I is false; II is false.
Problem 2: An explanatory paragraph would be added to an unqualified audit report ["good report"] for:
a. An accounting (GAAP) problem.b. A lack of evidence (scope) problem.c. The company's status as a viable entity (i.e. going concern issue) is doubtful.d. Lack of independence.
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