The shareholders of Al Laith Automobiles Company appointed Smart Audit and Assurance Services to assess whether...
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The shareholders of Al Laith Automobiles Company appointed Smart Audit and Assurance Services to assess whether the entity or organization uses the available resources or fund to acquire material, labor, or other resources for the projects according to the economic principle or not. They also requested the auditors to check the efficiency of the management in getting the desired output at the minimum resources. This type of audit is known as: 4 Internal audit Value for money audit External audit Environmental audit the audit report? # bod Look Garments Company for the year 2020. Though the financial statements were d in accordance with the GAAP, the auditor determined an uncertainty relating to the al litigation which may require regulatory action as well. How can Mr. Faisal include this in Mr. Faisal is the auditor of Good Look Garments Company for the year 2020. Though the financial statements were found to be fair and prepared in accordance with the GAAP, the auditor determined an uncertainty relating to the future outcome of exceptional litigation which may require regulatory action as well. How can Mr. Faisal include this in the audit report? Mr. Faisal should ignore the information about the litigation and issue an unqualified audit opinion as the financial statement Mr. Faisal should include an emphasis of matter paragraph so that it can be taken to the notice of the appropriate persons Mr. Faisal should include an additional paragraph to include the information about the litigation and title the paragraph 'othe Mr. Faisal should include it in the 'Auditor's Responsibilities for the audit of financial statements' as a part of his duty as an au You are the auditor of Sunshine Resorts. Mr. John is the newly joined audit clerk in your team. Help him in identifying from the following which one of the following is NOT the three conditions requiring a departure from an unqualified opinion? The financial statements have not been prepared in accordance with generally accepted accounting principles (GAAP) The auditor is independent The auditor is not independent The scope of the audit has been restricted r John and his team later in the year 2020 a Traud was detected in the financial statements of Mr. Aafreen was appointed as the auditor of Sports World Company for the year 2019. He audited and certified the financial statements of the company to be true and fair, which were prepared by the accountant Ms. Saadia and audited internally by Mr. John and his team. Later, in the year 2020 a fraud was detected in the financial statements of the company. In this situation, according to ISA 240 (Redrafted) paragraph 4, who among the following has the secondary responsibility for prevention or detection of fraud in the financial statements of the company? cement The Board of Directors of Sports World Company Mr. John and his team, the internal auditors of Sports World Company Mr. Aafreen, the auditor of Sports World Company Ms. Saadia, the accountant of Sports World Company Next page The shareholders of Al Laith Automobiles Company appointed Smart Audit and Assurance Services to assess whether the entity or organization uses the available resources or fund to acquire material, labor, or other resources for the projects according to the economic principle or not. They also requested the auditors to check the efficiency of the management in getting the desired output at the minimum resources. This type of audit is known as: 4 Internal audit Value for money audit External audit Environmental audit the audit report? # bod Look Garments Company for the year 2020. Though the financial statements were d in accordance with the GAAP, the auditor determined an uncertainty relating to the al litigation which may require regulatory action as well. How can Mr. Faisal include this in Mr. Faisal is the auditor of Good Look Garments Company for the year 2020. Though the financial statements were found to be fair and prepared in accordance with the GAAP, the auditor determined an uncertainty relating to the future outcome of exceptional litigation which may require regulatory action as well. How can Mr. Faisal include this in the audit report? Mr. Faisal should ignore the information about the litigation and issue an unqualified audit opinion as the financial statement Mr. Faisal should include an emphasis of matter paragraph so that it can be taken to the notice of the appropriate persons Mr. Faisal should include an additional paragraph to include the information about the litigation and title the paragraph 'othe Mr. Faisal should include it in the 'Auditor's Responsibilities for the audit of financial statements' as a part of his duty as an au You are the auditor of Sunshine Resorts. Mr. John is the newly joined audit clerk in your team. Help him in identifying from the following which one of the following is NOT the three conditions requiring a departure from an unqualified opinion? The financial statements have not been prepared in accordance with generally accepted accounting principles (GAAP) The auditor is independent The auditor is not independent The scope of the audit has been restricted r John and his team later in the year 2020 a Traud was detected in the financial statements of Mr. Aafreen was appointed as the auditor of Sports World Company for the year 2019. He audited and certified the financial statements of the company to be true and fair, which were prepared by the accountant Ms. Saadia and audited internally by Mr. John and his team. Later, in the year 2020 a fraud was detected in the financial statements of the company. In this situation, according to ISA 240 (Redrafted) paragraph 4, who among the following has the secondary responsibility for prevention or detection of fraud in the financial statements of the company? cement The Board of Directors of Sports World Company Mr. John and his team, the internal auditors of Sports World Company Mr. Aafreen, the auditor of Sports World Company Ms. Saadia, the accountant of Sports World Company Next page
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Related Book For
Auditing and Assurance Services A Systematic Approach
ISBN: 978-1259162343
9th edition
Authors: William Messier, Steven Glover, Douglas Prawitt
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