Question
In: Accounting
Decide on the type of audit opinion you plan to express and explain the basis for the opinion
1) Decide on the type of audit opinion you plan to express and explain the basis for the opinion.
2) If the directors threaten not to appoint DoubleCheck as auditors for next year, will you make any change in the type of audit opinion? Why or why not?
Solutions
Expert Solution
If there is any option for any individual to choose a kind of auditing, then people who want a fair statement of their company will go for external auditing, because it is a kind of auditing where all things are practices in a legal lawful manner, where auditor comes from outside to audit the fair value of the company.
When there will be external auditing, then the auditor will audit each and every possible thing to find a mistake, thus it is the best way for any company, if they want their financial statement to be true.
If the director threatened to not to keep double checker for audit from the next year, still the opinion will be the same, just because everyone want to have a true and fair value of their company, thus it will benefit every company for not getting any trouble in future.
ekkarill92 answered 2 years agoRelated Solutions
The auditor is required to express an opinion on a set of financial statements. Audit risk is the probability that the auditor will express an incorrect opinion resulting in financial loss to persons acting upon the audit opinion given.
The auditor is required to express an opinion on a set of
financial statements. Audit risk is the probability that the
auditor will express an incorrect opinion resulting in financial
loss to persons acting upon the audit opinion given. There are laws
and regulations in place which provide protection for stakeholders
who suffer losses from reliance on the auditor’s report which may
be found “lacking”.In reference to the legal and regulatory framework of the
auditing profession, what are the circumstances...
Question: The auditor is required to express an opinion on a set of financial statements. Audit...
Question:
The auditor is required to express an opinion on a set of
financial statements. Audit risk is the probability that the
auditor will express an incorrect opinion resulting in financial
loss to persons acting upon the audit opinion given. There are laws
and regulations in place which provide protection for stakeholders
who suffer losses from reliance on the auditor’s report which may
be found “lacking”.
In reference to the legal and regulatory framework of the
auditing profession, what are...
Question: The auditor is required to express an opinion on a set of financial statements. Audit...
Question:
The auditor is required to express an opinion on a set of
financial statements. Audit risk is the probability that the
auditor will express an incorrect opinion resulting in financial
loss to persons acting upon the audit opinion given. There are laws
and regulations in place which provide protection for stakeholders
who suffer losses from reliance on the auditor’s report which may
be found “lacking”.
In reference to the legal and regulatory framework of the
auditing profession, what are...
As CEO, which type of audit opinion would you prefer most and why?
As CEO, which type of audit opinion would you prefer most and
why?
1.)Discuss the audit issue in each case and its impact on the type of audit opinion...
1.)Discuss the audit issue in each case and its impact on the
type of audit opinion provided(use relevant standards and
legislations to support answer.
a.) Company A uses the last-in first-out inventory valuation
method for its closing inventory, which is a significant item found
in its statement of financial position. The difference between
first-in first-out and last-in-first-out has a material effect on
the closing inventory balance.
b.) Company A is a parent company owning different subsidiaries.
One of these is...
Explain after performing the additional audit procedures, what additional disclosures should include in you audit opinion...
Explain after performing the additional audit
procedures, what additional disclosures should include in you audit
opinion and your justification (why is it necessary to have these
additional disclosures).
What type of audit opinion was given for the financial statements and the internal financial controls...
What type of audit opinion was given for the financial
statements and the internal financial controls for Nike on their
10k report? Explain the key items discussed in the audit
report.
the following re three indepenedent situation for each case state the type of audit opinion that...
the following re three indepenedent situation for each case
state the type of audit opinion that should be expessed and provide
a brief explanaton to justify your choice
a) the auditors of howlieltd were refused access to six months
of the minutes of the directors meeting because they contained
discussions of a highly confidential matter. no alternatie
procedures could be performed.
b) due to the recent downturn in the austraklian economy,
scarlowie ltd has maae substantial lossess or three qurters...
For each of the following situations below, identify the appropriate opinion type (audit report) Level of...
For each of the following situations below, identify the
appropriate opinion type (audit report)
Level of Materiality Situation Immaterial Material So Material
1- The Company has suffered recurring losses from operations and
has a net capital deficiency that raises substantial doubt about
its ability to continue as a going concern. Management’s plans in
regard to these matters are also described in Note 6. The financial
statements do not include any adjustments that might result from
the outcome of this uncertainty...
. What type of audit opinion (unmodified, unmodified with emphasis of matter paragraph, disclaimer, qualified or...
. What type of audit
opinion (unmodified, unmodified with emphasis of matter paragraph,
disclaimer, qualified or adverse) would be appropriate for each of
the following independent scenarios?
(a) There
is an uncertainty related to a pending exceptional litigation
matter that is adequately disclosed in the notes to the financial
statements.
(b) The client’s
records are inadequate and the auditor is unable to obtain
sufficient and appropriate audit evidence.
(c) There
is a material uncertainty that casts a significant doubt on the...
ADVERTISEMENT
ADVERTISEMENT
Latest Questions
- In general, teams can be described three ways. Name and define each.
- JAVASCRIPT: Please create an array of student names and another array of student grades. - Create...
- Topic - Construction: Structural, loads, tension 1.) Explain why pure tension members are the most efficient...
- Procter and Gamble (PG) paid an annual dividend of $ 1.62$1.62 in 2009. You expect PG...
- locate a recent case of online child pornography. Write a summary of the incident and describe...
- #Python 5. Write function called evaluate() that evaluates the following Python expressions or assignments as specified:...
- Suggest journal, research paper link reference. i need this as reference for writing a research with...
ADVERTISEMENT