Select the necessary words from the list of possibilities to complete the following statements. 1. Audit...
Fantastic news! We've Found the answer you've been seeking!
Question:
Transcribed Image Text:
Select the necessary words from the list of possibilities to complete the following statements. 1. Audit reports issued under GAAS ordinarily are signed with the name of the Statements 2. Responsibility for the preparation and fair presentation of the financial statements rests with the 3. The auditor's responsibility relating to a GAAS audit is for 4. A(n) opinion is an opinion that the financial statements of a public company fairly present financial position, results of operations, and cash flows, in conformity with generally accepted accounting principles. on the financial statements. When a nonpublic client elects to change accounting principles from one acceptable principle to another 5. acceptable principle and the auditors agree the change is desirable, they should issue a report with a(n) opinion. 7 6. When financial statements contain a material departure from generally accepted accounting principles, the auditors qualify their opinion, or they issue a(n) opinion depending on the materiality of the departure. The auditors issue a qualified opinion or a(n) financial statements to be inadequate. opinion, if they consider the disclosure in the client's 8. If a scope limitation is so severe that a qualified opinion is inappropriate, the auditors should issue a(n) 9. All nonpublic company audit reports that are qualified should contain a(n) qualification. explaining the details of the 10 If the auditors have examined the prior year's financial statements presented for comparative purposes, they should their opinion for any new information. Answer adverse basis for modification paragraph (or basis for qualified opinion paragraph) CPA firm disclaimer of opinion expressing an opinion management unmodified unqualified update Select the necessary words from the list of possibilities to complete the following statements. 1. Audit reports issued under GAAS ordinarily are signed with the name of the Statements 2. Responsibility for the preparation and fair presentation of the financial statements rests with the 3. The auditor's responsibility relating to a GAAS audit is for 4. A(n) opinion is an opinion that the financial statements of a public company fairly present financial position, results of operations, and cash flows, in conformity with generally accepted accounting principles. on the financial statements. When a nonpublic client elects to change accounting principles from one acceptable principle to another 5. acceptable principle and the auditors agree the change is desirable, they should issue a report with a(n) opinion. 7 6. When financial statements contain a material departure from generally accepted accounting principles, the auditors qualify their opinion, or they issue a(n) opinion depending on the materiality of the departure. The auditors issue a qualified opinion or a(n) financial statements to be inadequate. opinion, if they consider the disclosure in the client's 8. If a scope limitation is so severe that a qualified opinion is inappropriate, the auditors should issue a(n) 9. All nonpublic company audit reports that are qualified should contain a(n) qualification. explaining the details of the 10 If the auditors have examined the prior year's financial statements presented for comparative purposes, they should their opinion for any new information. Answer adverse basis for modification paragraph (or basis for qualified opinion paragraph) CPA firm disclaimer of opinion expressing an opinion management unmodified unqualified update
Expert Answer:
Related Book For
Posted Date:
Students also viewed these accounting questions
-
Multiple Choice 1. In which of the following situations would an auditor ordinarily issue an unqualified/ unmodified financial statement audit opinion with no explanatory ( or emphasis- of- matter/...
-
For each of the following brief scenarios, assume that you are reporting on a clients financial statements. Reply as to the type(s) of opinion (per below) possible for the scenario. In addition: ...
-
The auditors report that follows was drafted by a staff accountant of Williams & Co., CPAs, at the completion of the audit of the financial statements of Lenz Corporation (nonpublic company) for the...
-
The toroid of FIGURE P29.55 is a coil of wire wrapped around a doughnut-shaped ring (a torus). Toroidal magnetic fields are used to confine fusion plasmas. a. From symmetry, what must be the shape of...
-
Don Wallss gross earnings for the week were $1,780.00 his federal income tax withholding was $301.63, and his FICA total was $135.73. Instructions (a) What was Wallss net pay for the week? (b)...
-
Equations are around us in everyday life. For example, if you have $30 at a baseball game and you go to the concession stand for hot dogs and hamburgers, and hot dogs are $3 each and hamburgers are...
-
For the following data set: a. Construct the multiple regression equation y = b0 + b1x1 + b2x2 + b3x3. b. Predict the value of y when x1 = 1, x2 = 4.5, x3 = 6.2. c. What percentage of the variation...
-
The following data summarize the 2009 external debt (in millions of dollars) for seven countries. a. Assume that ÏY = 93,500. Calculate the standard error and interpret. b. Write a report...
-
What is the scope of and the role of consultants in financial management consulting? For the next questions, assume that your financial analytics and management consulting firm, FAMCF Inc. ("FAMCF")...
-
Change Janets Schedule In Question 5 Above, You Calculated What The Schedule Would Look Like If Janet Had Made One $285.05 Payment In January 2022. You Did It By Hand, But The Bankrate Calculator Has...
-
Our reading this week explored various types of emails and memos: progress reports, meeting minutes, incident reports, directives, general information, and responses to inquiries. Your task for this...
-
In what year did Adelphia go public?
-
What are the five principal categories of check tampering?
-
List five symptoms of fraud that Adelphia exhibited and explain the reasoning for your choices?
-
How many Rigas-related parties were in executive leadership roles at Adelphia?
-
What is meant by a conflict of interest?
-
12. The value of a product offering is determined by the customer and varies accord- ingly. How does a retailer like Walmart deliver value differently than Banana Republic? 13. Explain how Apple...
-
How does Kant answer Humes bundle theory of self? Do you think he is successful?
-
The letters x and y represent rectangular coordinates. Write the equation using polar coordinates (r, ). x = -3
-
Identify and graph the polar equation. r = 2 + 4cos
-
Find |v|. v = i - j + k
-
The temporary account used only in the closing process to hold the amounts of revenues and expenses before the net difference is added or subtracted from the owners capital account is called the a....
-
Refer to Circuit Citys balance sheet in Appendix A Identify the accounts listed as current liabilities. Consolidated Balance Sheets $ in millions, except per share amounts Asset Current Assets Cash...
-
Determining effects of closing entries Gloriosa Company began the current period with a \($28,000\) credit balance in the M. Gloriosa, Capital account. At the end of the period, the companys adjusted...
Study smarter with the SolutionInn App