List the eight parts of a standard unqualified audit report for a non-public entity and explain the meaning of each part. How do the parts compare with those found in a qualified report?
Answer to relevant QuestionsWhat four circumstances are required for a standard unqualified report to be issued?Identify two examples of acts or behavior by CPAs that would be considered discreditable to the profession under Rule 501.What is the auditor’s responsibility when noncompliance with laws or regulations is identified or suspected? Assume materiality for the financial statements as a whole is $100,000 and performance materiality for accounts receivable is set at $40,000. If the auditor finds one receivable that is overstated by $55,000, what should the ...Internal controls 1 through 5 were tested in prior audits. Evaluate each internal control independently and determine which controls must be tested in the current year’s audit of the December 31, 2013, financial ...
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