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1. Which of the following is not a type of auditors' opinion?

a. adverse

b. qualified

c. unmodified

d. ordinary

2.The primary responsibility for the adequacy of disclosure in the financial statements of a publicly held company rests with the:
a. Management of the company.

b. Auditor in charge of the fieldwork.

c. Partner assigned to the audit engagement.

d. Securities and Exchange Commission

3. Which of the following is accurate, as indicated in the principles underlying an audit?

a. Management is responsible for preparing accurate financial statement amounts, while auditors are responsible for auditing those amounts and for preparing note disclosures related to those amounts.

b. An auditor is unable to obtain absolute assurance that the financial statements are free from material misstatement.

c. Management is expected to provide the auditors with all needed evidence prior to the beginning of audit work.

d. Auditors are responsible for having appropriate competence to perform the audit without the assistance of outside specialists.

4. Which of the following best describes a portion of the auditors' responsibility regarding noncompliance with laws by clients?

a. f audit procedures reveal noncompliance, the auditors should take appropriate actions.

b. If the auditors suspect noncompliance, they should conduct a legal audit of the company.

c. The auditors' responsibility for the detection of all noncompliance is the same as their responsibility regarding material misstatements due to errors and fraud.

d. The auditors have a responsibility to discover all material noncompliance.

Accounting Basics, Accounting

  • Category:- Accounting Basics
  • Reference No.:- M9944651

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