Which of the following procedures most likely would assist an auditor in identifying conditions and events that may indicate?

Auditing standards primarily encourage which of the following conversations between the auditor and another party about financial reporting?

A conversation with those charged with governance to discuss matters pertaining to financial reporting.

Final analytical procedures are generally intended to

provide the auditor with a final, overall evaluation of the relationships among financial statement balances

Which of the following audit procedures is most likely to assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity’s ability to continue as a going concern?

review compliance with the terms of debt agreements

Which of the following matters should an auditor communicate to those charged with governance?
 

significant audit adjustments and managements consultations with other accountants

Working papers are reviewed at __________ supervisory level(s) of a CPA firm.

Managers and partners typically review at the __________ of the engagement timeline.

Concurring partners are often concerned with __________ control standard compliance.

Reviewers are concerned that the __________ all tie together.

Reviewers are concerned if immaterial passed misstatements have a __________ material effect.

An auditor should request that an audited entity send a letter of inquiry to those attorneys who have been consulted concerning litigation, claims, or assessments. The primary reason for this request is to provide:

corroboration of the information furnished by management concerning litigation, claims, and assessments.

Which of the following events occurring after the issuance of a set of financial statements and the accompanying auditor’s report would be most likely to cause the auditor to make further inquiries about the financial statements?

The discovery of information regarding a contingency that existed before the financial statements were issued.

Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of any changes in internal control that might affect financial reporting between the end of the reporting period and the date of the auditor’s report?

Examine relevant internal audit reports issued during the subsequent period.

Type I subsequent events involve events that existed __________ the balance sheet date.

Type I subsequent events require __________ of the financial statements.

Type II subsequent events come into existence __________ the balance sheet date.

Type II subsequent events occur after the balance sheet date but __________ the completion of fieldwork.

Type I subsequent events come into existence due to new __________ becoming available.

An auditor issued an audit report that was dual dated for a subsequent event occurring after the date on which the auditor has obtained sufficient appropriate audit evidence but before issuance of the financial statements. The auditor’s responsibility for events occurring subsequent to the date on which the auditor has obtained sufficient appropriate audit evidence was:

limited to the specific event referenced

An auditor would be most likely to identify a contingent liability by obtaining a(n):

letter from the entity's general legal counsel

The CPA's opinion on the __________ of the financial statements may be changed by subsequent events.

Many subsequent events may involve the settling of __________.

Type 2 subsequent events come into existence __________ the balance sheet date.

Subsequent events need to be disclosed in the financial statements; otherwise, the financial statements would be __________.

Which of the following procedures should an auditor perform concerning litigation, claims, and assessments? Obtain a list from management that discloses all unasserted claims that it considers to be probable of assertion. Audit inquiry letter to legal counsel. Jurisdiction in which the matter will be resolved.

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• Which of the following auditing procedures most likely would assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity’s ability to continue as a going concern?
• Which of the following procedures most likely would assist an auditor to identify litigation claims and assessments?
• Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events?
• What is an auditor’s primary method to corroborate information on litigation claims and assessments?
• Which of the following is the best reason why an auditor should consider observing a client’s distribution of regular payroll checks?
• Which of the following is an advantage of having an internal control system?
• What is the purpose of a management letter?
• Which of the following procedures would an auditor ordinary perform during the review of subsequent events?
• Which of the following audit procedures is best for identifying unrecorded trade accounts payable?
• What is the primary purpose of obtaining written representations?
• Which of the following matters would an auditor most likely include in a management representations letter?
• Which of the following documents are examples of audit evidence generated by the client?
• Which of the following steps should an auditor perform first to determine the existence?
• Which of the following auditing procedures most likely would assist an auditor in identifying conditions and events that may indicate?
• In which of the following situations would an auditor ordinarily issue an unqualified unmodified?
• What are the 4 methods of auditing?
• What are the 5 audit procedures?

Which of the following auditing procedures most likely would assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity’s ability to continue as a going concern?

Which of the following audit procedures is most likely to assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity’s ability to continue as a going concern? – Review management’s plans to dispose of assets.

Which of the following procedures most likely would assist an auditor to identify litigation claims and assessments?

Answer (A) is correct. Which of the following procedures most likely would assist an auditor to identify litigation, claims, and assessments? Read the file of correspondence from taxing authorities.

Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events?

Option (c) is the correct answer.

An auditor most likely inquires about the entity’s legal counsel concerning litigation, claims, and assessments arising after year-end because it may arise after year-end but before issuance of financial statements for the period.

Choice “c” is correct. Reviewing the minutes of the meetings of the board of directors and its committees most likely would assist an auditor in identifying related party transactions.

Explanation: Auditor most likely perform the procedure in searching for unrecorded liabilities is vouch a sample of cash…

What is an auditor’s primary method to corroborate information on litigation claims and assessments?

An attorney’s letter is the primary method used to corroborate information on litigation, claims, and assessments.

Which of the following is the best reason why an auditor should consider observing a client’s distribution of regular payroll checks?

Which of the following is the best reason why the auditors should consider observing a client’s distribution of regular payroll checks? Separation of payroll duties is less than adequate for effective internal control. Total payroll costs are a significant part of total operating costs.

Which of the following is an advantage of having an internal control system?

Internal controls and company policies are important to protect and safeguard assets and to protect all company data and are designed to protect the company from fraud. … The owner must have enough knowledge of all aspects of the company and have controls in place to track all assets.

What is the purpose of a management letter?

The Management Letter is intended to provide management and those charged with governance with valuable information regarding their organization. Used properly, the Management Letter can be a beneficial tool for assisting management or those charged with governance in fulfilling their responsibilities.

Which of the following procedures would an auditor ordinary perform during the review of subsequent events?

Which of the following procedures would an auditor ordinarily perform during the review of subsequent events? A reading of the available minutes of meetings of stockholders, directors, or other committees for the subsequent-events period.

Which of the following audit procedures is best for identifying unrecorded trade accounts payable?

Which of the following audit procedures is best for identifying unrecorded trade accounts payable? Reviewing cash disbursements recorded subsequent to the balance sheet date to determine whether the related payable applies to the prior period.

What is the primary purpose of obtaining written representations?

The three primary purposes for obtaining written representations from management are: (1). to confirm representations explicitly or implicitly given to the auditor. (2). to indicate and document the continuing appropriateness of such representations.

Which of the following matters would an auditor most likely include in a management representations letter?

Which of the following matters will an auditor most likely include in a management representation letter? Management’s acknowledgment of its responsibility to detect employee fraud.

Which of the following documents are examples of audit evidence generated by the client?

Which of the following documents are examples of audit evidence generated by the client? Shipping documents and receiving reports. bc: Shipping documents and receiving reports are a result of the operations of the client. As goods are shipped to customers, a shipping document is prepared by the client.

Which of the following steps should an auditor perform first to determine the existence?

Which of the following steps should an auditor perform first to determine the existence of related parties? Inquire about the existence of related parties from management.

Which of the following auditing procedures most likely would assist an auditor in identifying conditions and events that may indicate?

Which of the following audit procedures is most likely to assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity's ability to continue as a going concern? - Review management's plans to dispose of assets. - Consider management's plans to reduce or delay expenditures.

In which of the following situations would an auditor ordinarily issue an unqualified unmodified?

An auditor ordinarily would issue an unqualified opinion with an explanatory paragraph if he or she wishes to emphasize that the entity had significant related party transactions, or if the auditor has substantial doubt about the entity's ability to continue as a going concern (even if the circumstances are fully ...

What are the 4 methods of auditing?

There are four types of audit reports: and unqualified opinion, a qualified opinion, and adverse opinion, and a disclaimer of opinion.

What are the 5 audit procedures?

Generally, five different audit procedures include observation, inquiry, analytical review, inspection, and recalculation.

Which of the following audit procedures would assist an auditor in identifying conditions and events that may indicate substantial doubt?

Which of the following audit procedures most likely would assist an auditor in identifying conditions and events that may?

Which of the following auditing procedures would be most likely to assist an auditor in identifying related party transactions?

Which of the following procedures would most likely help an auditor identify events after the date of the financial statements that should be disclosed?