27) The Statements on Auditing Standards issued by the Auditing Standards Board A) are optional guidelines...

 

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27) The Statements on Auditing Standards issued by the Auditing Standards Board A) are optional guidelines which an auditor may choose to follow or not follow when conducting an audit. B) mandate the amount of evidence that must be obtained. C) are regarded as authoritative literature. D) must be followed in all situations. 28) 28) Whenever the client imposes restrictions on the scope of the audit, the auditor should be concerned that management may be trying to prevent discovery of misstatements. In such cases. the auditor will likely issue a A) qualification of both scope and opinion whenever materiality is in question. B) qualification of both scope and opinion in all cases. C) disclaimer of opinion whenever materiality is in question. D) disclaimer of opinion in all cases. 29) 29) Under AICPA auditing standards, the primary auditor issuing the opinion on the financial statements is called the A) group engagement partner. B) component auditor. C) principal auditor. D) majority auditor. 30) Indicate which changes would require an explanatory paragraph in the audit report. The CPA makes reference to the A) Changes in reporting entities, such as the inclusion of an additional company in the combined financial statements Yes work of another auditor to indicate shared responsibility in an unqualified opinion. No The CPA makes reference to the B) Changes in reporting entities. such as the inclusion of an additional company in the combined financial statements Yes work of another auditor to indicate shared responsibility in an unqualified opinion. Yes The CPA makes reference to the Changes in reporting entities, such as the inclusion of an additional company in the combined financial statements No work of another auditor to indicate shared responsibility in an unqualified opinion. Yes D) Changes in reporting entities. such as the inclusion of an additional company in the combined financial statements No The CPA makes reference to the work of another auditor to indicate shared responsibility in an unqualified opinion. No 27) 30) 27) The Statements on Auditing Standards issued by the Auditing Standards Board A) are optional guidelines which an auditor may choose to follow or not follow when conducting an audit. B) mandate the amount of evidence that must be obtained. C) are regarded as authoritative literature. D) must be followed in all situations. 28) 28) Whenever the client imposes restrictions on the scope of the audit, the auditor should be concerned that management may be trying to prevent discovery of misstatements. In such cases. the auditor will likely issue a A) qualification of both scope and opinion whenever materiality is in question. B) qualification of both scope and opinion in all cases. C) disclaimer of opinion whenever materiality is in question. D) disclaimer of opinion in all cases. 29) 29) Under AICPA auditing standards, the primary auditor issuing the opinion on the financial statements is called the A) group engagement partner. B) component auditor. C) principal auditor. D) majority auditor. 30) Indicate which changes would require an explanatory paragraph in the audit report. The CPA makes reference to the A) Changes in reporting entities, such as the inclusion of an additional company in the combined financial statements Yes work of another auditor to indicate shared responsibility in an unqualified opinion. No The CPA makes reference to the B) Changes in reporting entities. such as the inclusion of an additional company in the combined financial statements Yes work of another auditor to indicate shared responsibility in an unqualified opinion. Yes The CPA makes reference to the Changes in reporting entities, such as the inclusion of an additional company in the combined financial statements No work of another auditor to indicate shared responsibility in an unqualified opinion. Yes D) Changes in reporting entities. such as the inclusion of an additional company in the combined financial statements No The CPA makes reference to the work of another auditor to indicate shared responsibility in an unqualified opinion. No 27) 30)

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1Answer D it must be followed in all situations Explanation Statement of Auditing Standard provides ... View the full answer