Question

You are the auditor for a non-public company, “A Golden Rule Carpentry”. The company has a 12/31 fiscal year end. During your audit, you did not identify any material misstatements in the financial statements.

Required:
(a) Draft the appropriate audit report for the financial statement audit of “A Golden Rule Carpentry”.
(b) What assurances are provided in the audit report when the auditor states that the financial statements “present fairly. in conformity with accounting principles generally accepted in the United States of America”?
(c) How is materiality referred to in the audit report and how does it relate to your response to (b)?
(d) How do you think the auditor should respond upon finding a misstatement that he or she believes is material, if the client disagrees? In other words, client management believes the misstatement is not material?



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  • CreatedJanuary 21, 2015
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