User Account

All Pages

Which circumstances and audit opinions is not correct

Assignment Help Accounting Basics
Reference no: EM132608175

Question 1: Scope limitations in an internal control audit for a public audit client can result in a qualified or disclaimer of opinion depending on the extent of the limitation. True or False

Question 2: In the audit of internal controls for public companies, the focus is on whether internal control is effective at a point in time-the as of date-which is ordinarily the last day of the client's fiscal period. True or False

Question 3: Redundant controls are those that work together to achieve a particular control objective. True or False

Question 4: Which of the following circumstances and audit opinions is not correct for an auditor's opinion on internal control?

a. Scope limitation- qualified opinion

b. Client has a material weakness not corrected by year end - Adverse opinion

c. Client had a material weakness corrected but not tested at year end - Disclaimer of opinion

d. Client had a material weakness corrected and tested by year end - unmodified opinion

Reference no: EM132608175

Questions Cloud

What is the amount of hank basis in the partnership interest : What is the amount of Hank's basis in the partnership interest? Hank transfers cash of $70,000 and furniture with a fair value of $20,000
Compute the equity method balance in Corgan Investment : Compute the equity method balance in Corgan's Investment in Smashing, Inc., account as of December 31, 2018
How integrated reporting can address the disclosure : Integrating reporting has emerged, How Integrated Reporting can address the disclosure needs and expectations of the external stakeholders.
Forecasting is essential tool : Forecasting is an essential tool used by health care administrators to develop objectives and project plans.
Which circumstances and audit opinions is not correct : Which circumstances and audit opinions is not correct for an auditor's opinion on internal control? Scope limitation- qualified opinion
Explaining possible psychological effects : Explaining possible psychological effects one may experience as a result of being a bystander to an occurring or potential act of sexual violence.
Determine the average per share amount on february : Determine the average per share amount on February 7 and December 22, 2021. Record the two transactions in which Pharoah reacquired its shares.
Focus was on equity rather than strict equality : Based on Paul's letter to the Corinthian church, the focus was on equity rather than strict equality.
Does depreciation cause an inflow of cash : Under the indirect method, depreciation expense is added to net income to report cash flows from operating activities. Does depreciation cause an inflow of cash

Reviews

Write a Review

Accounting Basics Questions & Answers

  Calculate the contribution and profit for september

Calculate the contribution and profit for September, using marginal costing principles

  Prepare journal entries that should be recorded

Prepare journal entries that should be recorded as a result of each of the above contingencies. If no journal entry is needed, briefly explain why

  Provide detailed instructions as to how you completed task

Provide detailed instructions as to how you completed the task. 350-500 words of speaker notes per slide detailing how the set-up process is completed.

  Maria addai has been offered a future payment of 28500 two

maria addai has been offered a future payment of 28500 two years from now. if she can earn 6.80 percent compounded

  The total bonus to the old partners

Andy's capital balance is $24,000 after admitting Ellen to the partnership by investment. If Andy's ownership interest is 24% of total partnership capital, what were (1) Ellen's cash investment and

  Determine the assets to revenues ratio

Determine the assets to revenues ratio for the construction company in Figures 6-1 and 6-2. What insight does this give you into the company's financial.

  Immediately prior to this transaction the corporation had

beta corporation purchased 110000 worth of land by paying 11000 cash and signing a 99000 mortgage. immediately prior to

  What does each type of ratio measure

What does each type of ratio measure? What is the difference between the current ratio and working capital?

  Footnote disclosures that would be necessary

Effect of the change on the balance sheet and income statement,

  Determining data for year operations

The pickle department of a major food manufacturer has an overhead rate of $5 per direct-labor hour, based on expected variable overhead of $150,000 per year, expected fixed overhead of $350,000 per year, and expected direct-labor hours of 100,000..

  Record adjusting journal entries for each of the following

Record adjusting journal entries for each of the following. Assume no other adjusting entries are made during the year.

  What is the mark-up percentage on total variable cost

The total annual fixed costs are $168 000 and the total variable cost per unit is $450, then what is the mark-up percentage on total variable cost

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!

Submit Assignment

Academics

Major Subjects

Majors

Get In Touch

whatsapp: +1-415-670-9521

Phone: +1-415-670-9521

Email: [email protected]

TERMS & POLICIES

HELP & SUPPORT

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