Question: T/F 46. If an auditor is engaged by a client after the entitys year end, the auditor will automatically encounter a scope limitation with respect

T/F

46. If an auditor is engaged by a client after the entitys year end, the auditor will automatically encounter a scope limitation with respect to the entitys ending inventory.

47. When issuing a review or compilation report, should there be a reference to the country of origin of the accounting principles used to prepare the financial statements, similar to the requirement when issuing audited financial statements.

a. SSARS does not require the reference

b. SSARS does require the reference.

48. SSARS #21 requires a title for:

a. A compilation report only.

b. A review report only.

c. Both a compilation report and a review report.

d. None of the above, because only an audit report requires a title and an addressee.

49. The accountant is required to obtain a representation letter from the client in which of the following engagements:

a. Audit

b. Review

c. Compilation

d. Audit and Review

e. Audit, review, and compilation

50. When performing which of the following services is the accountant required to perform specific procedures to evaluate whether there is substantial doubt about the entitys ability to continue as a going concern.

a. Compilation

b. Review

c. Both a compilation and review

d. Neither a compilation or review

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!

ACC555 FINAL EXAM NAME _______________________________ 1. The 10,000 accounts receivable of DEF Company have a total book value of $120,000. A CPA has selected and audited a sample of 100 accounts...

1.Which one is not correct about generally accepted auditing standards? Interpretive Publications, which are officially considered less authoritative and less binding than auditing standards, are...

Good Morning This is part 2 of the assignment you are already helping me with. Assignment 2: Ethics Writing Assignment Ethics play a vital role in business and in the accounting profession. Here is...

Reports 1] A major purpose of the auditor's report on financial statements is to Name Date: A. Assure investors of the complete accuracy of the financial statements. B. Clarity for the public the...

1.A limitation on the scope of an audit sufficient to preclude an unqualified opinion will usually result when management A.Presents financial statements that are prepared in accordance with the cash...

Planning the Legion Appliance Audit Legion Appliance Manufacturing Company has been your firm?s audit client for the past five years. Approximately four years ago Legion developed a better toaster...

Multiple Choice: Select the Best Answer 1. To be proficient as an auditor, a person must first be able to accomplish which of these tasks in a decision-making process: a. Identify audit evidence...

Items 1 - 10 are based on the following independent situations for which you will recommend an appropriate audit opinion. A - Unmodified B - Unmodified with Emphasis of a matter paragraph C -...

The financial year end of Diary Manufacturing Limited is 31 December. On 31 December 2020, the following balances are available: Item Land and building at cost Plant and machinery at cost Accumulated...

There has been a long-standing debate regarding the existence of a "value-growth" anomaly in financial economic research. Previous studies have shown that value stocks (i.e., stocks with low...

Which of the following government policies will shift the aggregate demand curve to the left? a. a decrease in the quantity of money b. an increase in government purchases of goods and services c. a...

Discuss the policy statement concept and identify three focus areas / procedures where a clearpolicy statement / operating procedure

=+media platform you like. Evaluate and note the current social media trends highlighted for this country in the We Are Social and Hootsuite global social media report, available at...

=+4. What ethical and professional guidelines do journalists and media professionals need to follow when it comes to social media?

=+1. Of the four areas covered in this chapter (sports, entertainment, crisis communication, and journalism), which profession would you want to pursue, and why?