Question

In: Accounting

Assertions about account balances and related disclosures include all of the following except: occurrence. completeness. rights...

Assertions about account balances and related disclosures include all of the following except:

occurrence.

completeness.

rights and obligations.

classification.

Suppliers as a user of the financial statements would least consider which of the following aspects of the financial statements:

Profitability of the entity.

Solvency of the entity.

Corporate social responsibility of the entity.

Return on investment of the entity.

The audit committee should report to the board of directors on which of these matters?

The use of experts by the independent auditor.

Recommendations for the appointment or removal of an auditor.

Audit procedures carried out by the independent auditor.

All of the above.

Solutions

Expert Solution

  1. Assertions about account balances and related disclosures include all of the following except: Classification
    Reason: Classification as an assertion is related to Transaction level assertion and not account balances and related disclosure.
  2. Suppliers as a user of the financial statements would least consider which of the following aspects of the financial statements: Corporate social responsibility of the entity.
    Reason- Corporate social responsibilty expenditure is made mandatory to certain companies fulfilling certain Criteria. Suppliers of all companies won't be affected much by this expenditure.
  3. The audit committee should report to the board of directors on which of these matters?: Recommendations for the appointment or removal of an auditor.
    Reason- Audit committee is not concerned with audit procedures performed by the statutory (independent) auditor and also he is not responsible for reorting on use of experts by independent auditor. It wholly depends on independent auditor. However it is the duty of audit commitee to recommend to the board of directors about appointment or removal of auditor.

ekkarill92 answered 2 years ago
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