statements correct auditors required communication audit committee

Which of the following statements is correct concerning an auditors required communication with the audit committee?

214. Which of the following statements is correct concerning an auditor’s required communication with an entity’s audit committee? 215. How do the scope, procedures, and purpose of an examination of management’s written assertion on internal control compare to those for obtaining an understanding of internal control and assessing control risk as part of an audit? a b c d Scope Similar Different Different Different Procedures Different Similar Different Similar Purpose Similar Similar Different Different 216. Which of the following statements is incorrect concerning a client who outsources a portion of its IT function? Evidence , procedures and working papers (Related PSAs: PSA 500(rev) PSA 501, 505, 510, 520, 540, 545, 550, 620, 560 ,580 and 230, PAPS 1000, 1005 and 1000Ph)217. Assertions are representations of management that are embodied in financial statement components. They can be either explicit or implicit. Which of these assertions is not about valuation or allocation? 218. Which of the following relates to rights and obligations assertion?

Last Updated on January 30, 2022 by Admin 3

  • AUD CPA : All Parts

  • This communication is required to occur before the auditor’s report on the financial statements is issued.
  • This communication should include management changes in the application of significant accounting policies. 
  • Any significant matter communicated to those charged with governance also should be communicated to management.
  • Significant audit adjustments proposed by the auditor and recorded by management need not be communicated to those charged with governance.

Explanation: 
Choice “B” is correct. The auditor should determine that those charged with governance are informed about the initial selection of and changes in significant accounting policies or their application.
Choice “A” is incorrect. The communication is incidental to the audit; accordingly, it is not required to occur before the issuance of the auditor’s report as long as the communication occurs on a timely basis. (Note, however, that for audits of issuers, the communication must be made before the auditor’s report is filed with the SEC.)
Choice “C” is incorrect. Communication with management is not required.
Choice “D” is incorrect. Unless all those charged with governance are also involved with managing the entity, the auditor should inform those charged with governance about adjustments that could, either individually or in the aggregate, have a significant effect on the entity’s financial reporting process, regardless of whether the adjustment was recorded.

  • AUD CPA : All Parts

Which of the following statements is correct concerning an auditor’s required communication with those charged with governance?
A. This communication is required to occur before the auditor’s report on the financial statements is issued.
B. This communication should include management changes in the application of significant accounting policies.
C. Any significant matter communicated to those charged with governance also should be communicated to management.
D. Significant audit adjustments proposed by the auditor and recorded by management need not be communicated to those charged with governance.

Which of the following statements is correct about an auditor's required communication with those?

Which of the following statements is correct concerning an auditor's required communication with those charged with governance? This communication should include disagreements with management about significant audit adjustments, whether or not satisfactorily resolved.

Which of the following matters is an auditor required to communicate to an entity's audit committee?

Accounting Policies and Practices, Estimates, and Significant Unusual Transactions. 12. The auditor should communicate to the audit committee the following matters: Significant accounting policies and practices.

What are auditors required to communicate to the audit committee?

09 The auditor should communicate to the audit committee an overview of the overall audit strategy, including the timing of the audit,7 and discuss with the audit committee the significant risks identified during the auditor's risk assessment procedures.

Which of the following matters is an auditor required to communicate to those charged with governance audit committees at the conclusion of the audit?

Which of the following matters is an auditor required to communicate to those in the entity charged with governance? Discussion of disagreements with management about matters that significantly affect the entity's financial statements.

zusammenhängende Posts

Which of the following statements is correct concerning statistical sampling in tests of controls?
Which of the following events after the reporting period would require adjustment before issuance of the financial statements?
Which of the following statements would an auditor most likely require management to indicate in a written representation letter obtained for an audit?
Which of the following statements is incorrect regarding auditor’s consideration in audit of banks?
Which of the following statements is correct concerning materiality in a financial statement audit?
Which of the following statements is most correct regarding the primary purpose of audit procedures?
Which of the following post balance sheet events would require adjustments of the accounts before issuance of the financial statements?
Which of the following events after the reporting period would require adjustment of the accounts before issuance of the financial statements?
Which of the following procedures should an auditor most likely include in the planning of an audit of financial statements?

Toplist

Neuester Beitrag

Stichworte