Question: 24-11 ( Objectives 24-4 , 24-8 ) Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit

24-11 (Objectives 24-4, 24-8) Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2019, for a large publicly traded client, the client and the auditor become aware of a material misstatement in sales revenue for the year in question, which was the result of a material weakness in internal controls. Is this a subsequent event or a subsequent discovery of facts? What are the auditors responsibilities related to the audit opinion and the opinion on internal controls?

Step by Step Solution

There are 3 Steps involved in it

1 Expert Approved Answer

Step: 1 Unlock blur-text-image

Question Has Been Solved by an Expert!

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

Step: 2 Unlock

Step: 3 Unlock

Students Have Also Explored These Related Accounting Questions!

Completing the Audit Answer the following questions: Identify and describe the transaction - related and balance - related presentation audit objectives. Explain how many of the procedures to test...

Completing the Audit Answer the following questions: Identify and describe the transaction-related and balance-related presentation audit objectives. Explain how many of the procedures to test...

Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2013, for a large publicly traded client, the...

Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2019, for a large publicly traded client, the...

Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2013, for a large publicly traded client, the...

Five months after issuing an unqualified audit opinion and an unqualified opinion on internal controls for the audit of the year ended December 31, 2023, for a large publicly traded client, the...

Required: a) Calculate the current ratio, quick ratio, gross profit margin, profit margin, and debt to total assets for both years. Explain whether the ratios are improving or declining. b) Review...

I have attached two articles that needs to read and reviewed and then...

1.As used in PSA 560, the term "subsequent events" refers to a.Events occurring the date of the financial statement. b.Events occurring after the date of the auditor's report c.Events occurring...

The unit cell for nickel arsenide is shown below. What is the formula of this compound? As

Ayayai Corporation issued a 3-year, $58,000,5% note to Blossom Company on January 1, 2017, and received an excavator that normally sells for $53,031. The note requires annual interest payments each...

In order to treat a derivative transaction as a hedge, a company must document the nature of the risk being hedged. document the relationship between the hedged item and the derivative. All of the...

UY 0 6 ?

How might you be able to link your practitioner research with your professional development? To what extent will your position within your professional area or within your organisation affect the...

What will be the main challenges for you with regard to access to organisation(s), people and documents? What skills and behaviours will you need to develop to overcome those challenges? What...

How much time is left until your project must be completed and submitted? What are likely to be the main stages of your project? How long will you have to complete each of them? How will you measure...