Auditing

15-1. The audit file completion deadline for a public client is . . . a. 45 days after the report date. b. 60 days after the report date. c. 45 days after the report release date. d. 60 days after the report release date.

15-2. Unless applicable state law specifies a longer period, audit documentation for a nonpublic client must be retained for a minimum of . . . a. 5 years from the report date. b. 7 years from the report date. c. 5 years from the report release date. d. 7 years from the report release date.

15-3. Which of the following statements best describes the auditors final evaluation of the audit results with respect to the report impact of misstatements detected during the audit? a. The auditor should modify the opinion if the client does not agree to record all proposed audit adjustments. b. The auditor will expect the client to correct factual misstatements but not necessarily all proposed audit adjustments. c. The auditor must modify the opinion if the client is unwilling to record an audit adjustment for a judgmental misstatement. d. The auditor should conclude that a pervasive FRF departure exists if the client fails to correct projected misstatement of any amount.