Question: After the audit report release date, auditors determine that an important auditing procedure was omitted. Which of the following initial courses of action is most

After the release date, auditors determine that an important auditing procedure was omitted. Which of the following initial courses of action is most appropriate?
a. Perform the omitted procedure or an alternative procedure.
b. Notify the board of directors and regulatory agencies that are currently relying on auditors’ reports.
c. Determine whether the omitted procedure is important in supporting the auditors’ opinion on the entity’s financial statements.
d. Engage another public accounting firm to conduct a quality assurance review.

Step by Step Solution

★★★★★

3.39 Rating (168 Votes )

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock

a Incorrect Prior to performing the omitted procedure or an alternative p... View full answer

Question Has Been Solved by an Expert!

Get step-by-step solutions from verified subject matter experts

Step: 2 Unlock

Step: 3 Unlock

Document Format (1 attachment)

332-B-A-A-A-N (2165).docx

120 KBs Word File

Students Have Also Explored These Related Auditing Questions!

After the audit report has been issued, someone discovers that the auditee had a material, unrecorded bank loan outstanding at year-end. There was no confirmation requested from that bank as the...

What steps should auditors take if, after the audit report release date, they discover that an important audit procedure was omitted?

If auditors discover matters after the audit report date that would have changed the financial statements, and/or their audit report on those statements, what do they need to do?

If, after the audit release date, auditors determine that an important auditing procedure was omitted, which of the following initial courses of action is most appropriate? A) Perform the omitted...

23. Which of the following is an example of a material accounting change that requires recognition in an unmodified opinion on the entity's financial statements? A. A change in the estimate of useful...

Following the audit report release date, auditors became aware of facts existing at the report date that would have affected the reports had auditors then been aware of such facts. What is the most...

Instructions: Identify the appropriate professional standard and paragraph number for the following situations. Situation zero is an example. Each of the ten graded situations is worth 4 points for a...

The Weather Database Location The Weather database was included in the restore you performed using the AWS Snapshot. You can verify the database was restored by using the ADS navigation pane shown...

Auditors would not normailly issue a qualified opinion on the entity's financial statements when O an accounting principle at variance with generally accepted accounting principles is used. the...

An Audit Quality Inspection Scandal: Ethical Lapses in a Misguided Attempt to Alleviate Regulatory Scrutiny John D. Keyser Case Western Reserve University Jason L. Smith University of Nevada, Las...

What are the main cations (positively charged ions) and anions (negatively charged ions) in seawater?

Solve the system of equations +y = sint, dy + x + x = cost

For a population containing N = 902 individuals, what code number would you assign for a. the first person on the list? b. the fortieth person on the list? c. the last person on the list?

What is financial leverage?

The organization primarily responsible for ensuring that public officials are using public funds efficiently, economically, and effectively is the a. Governmental Internal Audit Agency (GIAA). b....

Performance audits usually include [two answers] a. Financial audits. b. Economy and efficiency audits. c. Compliance audits. d. Program audits.

How do you calculate the expected value for this goodness of fit test? The Frequency is the observed value how do you compute the expected value in this problem from that The results of a recent...

Conduct the hypothesis test and provide the test statistic and the critical value, and state the conclusion. A person randomly selected 100 checks and recorded the cents portions of those checks. The...

What's the future value of $250,000 after 3 vears if it earns 26% annuallv? What's the present value of $90,000 to be received in 3 years if the annual interest i What annual interest rate would...