Accounting

The auditor's responsibility for "reviewing the subsequent events" of a public company that is ...

The auditor's responsibility for "reviewing the subsequent events" of a public company that is ...

[html]The auditor's responsibility for "reviewing the subsequent events" of a public company that is about to issue new securities is normally limited to the period of time

▸ beginning with the balance sheet date and ending with the date of the audi

hurtmaybe   23   1 Reply

Marinaanderson0

The auditor's responsibility with respect to events occurring between the balance sheet date and ...

The auditor's responsibility with respect to events occurring between the balance sheet date and ...

[html]The auditor's responsibility with respect to events occurring between the balance sheet date and the end of the audit examination is best expressed by which of the following statements?

▸ The auditor is fully responsible for events occurring i

ogf78   25   1 Reply

herroo

Whenever subsequent events are used to evaluate the amounts included in the statements, care must be ...

Whenever subsequent events are used to evaluate the amounts included in the statements, care must be ...

[html]Whenever subsequent events are used to evaluate the amounts included in the statements, care must be taken to distinguish between conditions that existed at the balance sheet date and those that come into being after the balance sheet date. The

angad1983   20   1 Reply

silvermoon197

Which event that occurred after the end of the fiscal year under audit but prior to issuance of the ...

Which event that occurred after the end of the fiscal year under audit but prior to issuance of the ...

[html]Which event that occurred after the end of the fiscal year under audit but prior to issuance of the auditor's report would not require disclosure in the financial statements?

▸ sale of a bond or capital

berry   32   1 Reply

DPhoenix

Which of the following material events occurring subsequent to the balance sheet date would require ...

Which of the following material events occurring subsequent to the balance sheet date would require ...

[html]Which of the following material events occurring subsequent to the balance sheet date would require an adjustment to the financial statements before they could be issued?

▸ loss of a plant as a result of a flood

▸ sale of long-term debt or ca

cyberk   29   1 Reply

starikovs

Which of the following subsequent events is most likely to result in an adjustment to a company's ...

Which of the following subsequent events is most likely to result in an adjustment to a company's ...

[html]Which of the following subsequent events is most likely to result in an adjustment to a company's financial statements?

▸ merger or acquisition activities

▸ bankruptcy (due to deteriorating financial condition) of a customer with an outstandi

123lol456   33   1 Reply

ixi12

Which of the following would be a subsequent discovery of facts which wouldnotrequire a response by ...

Which of the following would be a subsequent discovery of facts which wouldnotrequire a response by ...

[html]Which of the following would be a subsequent discovery of facts which would not require a response by the auditor?

▸ discovery of the inclusion of material nonexistent sales

▸ discovery of the failure t

spacemanspliff   37   1 Reply

chelz

Which type of subsequent event requires consideration by management and evaluation by the auditor?

Which type of subsequent event requires consideration by management and evaluation by the auditor?

[html]Which type of subsequent event requires consideration by management and evaluation by the auditor?

▸

Noar   25   1 Reply

crwille78

An example of a nonrecognized subsequent event which may require disclosure if it is significant is ...

An example of a nonrecognized subsequent event which may require disclosure if it is significant is ...

An example of a nonrecognized subsequent event which may require disclosure if it is significant is the issuance of bonds or equity securities by a company.

▸ true

▸ false

saratoga 22   23   1 Reply

sbbalt

If the auditor is unable to determine the effect of a subsequent event on the effectiveness of ...

If the auditor is unable to determine the effect of a subsequent event on the effectiveness of ...

If the auditor is unable to determine the effect of a subsequent event on the effectiveness of internal control at year-end, the auditor must give an adverse opinion on internal control over financial reporting.

▸ true

▸ false

bigben0007   24   1 Reply

chevy87

Subsequent events which require adjustment to the financial statements provide additional ...

Subsequent events which require adjustment to the financial statements provide additional ...

[html]Subsequent events which require adjustment to the financial statements provide additional information about significant conditions/events which did not exist at the balance sheet date.

▸ true

▸ false[/h

Helen Kebede   22   1 Reply

heavenlyangel

The auditor's responsibility for reviewing subsequent events is normally limited to thirty days ...

The auditor's responsibility for reviewing subsequent events is normally limited to thirty days ...

The auditor's responsibility for reviewing subsequent events is normally limited to thirty days after the balance sheet date.

▸ true

▸ false

BigFella9503   22   1 Reply

collegelife_288

The issuance of bonds by the client subsequent to the balance sheet date would require a footnote ...

The issuance of bonds by the client subsequent to the balance sheet date would require a footnote ...

The issuance of bonds by the client subsequent to the balance sheet date would require a footnote disclosure in, but no adjustment to, the financial statements under audit.

▸ true

▸ false

sharonfaith30   28   1 Reply

jennaforiero

When subsequent events are used to evaluate the amounts included in the year-end financial ...

When subsequent events are used to evaluate the amounts included in the year-end financial ...

[html]When subsequent events are used to evaluate the amounts included in the year-end financial statements, auditors must distinguish between conditions that existed at the balance sheet date and those that came into being after the balance sheet da

billafin   30   1 Reply

naj2008h

When the auditor's name is associated with a registration statement under the Securities Act of ...

When the auditor's name is associated with a registration statement under the Securities Act of ...

[html]When the auditor's name is associated with a registration statement under the Securities Act of 1933, the auditor's responsibility for reviewing subsequent events is limited to the date of auditor's report, not to the date the registration beco

melisooflyy   28   1 Reply

djl4909

Besides the search for contingent liabilities and the review for subsequent events, the auditor has ...

Besides the search for contingent liabilities and the review for subsequent events, the auditor has ...

[html]Besides the search for contingent liabilities and the review for subsequent events, the auditor has five important final evidence accumulation responsibilities, all of which are required by current professional auditing standards. Discuss each

sharonfaith30   40   1 Reply

egidrarc

List four specific matters that should be included in a client representation letter.

List four specific matters that should be included in a client representation letter.

List four specific matters that should be included in a client representation letter.

futurenurse15   21   1 Reply

Boba155

State the three purposes of the management representation letter.

State the three purposes of the management representation letter.

State the three purposes of the management representation letter.

nrod1120   19   1 Reply

melswhi1

The accounting standards require management to evaluate an entity's ability to continue as a going ...

The accounting standards require management to evaluate an entity's ability to continue as a going ...

[html]The accounting standards require management to evaluate an entity's ability to continue as a going concern within one year after the date the financial statements are issued. Describe the two steps management is required to perform in performin

aznmistyblue   23   1 Reply

traumajeff

What two steps must an auditor take if they have reservations about the audit client continuing as a ...

What two steps must an auditor take if they have reservations about the audit client continuing as a ...

What two steps must an auditor take if they have reservations about the audit client continuing as a going concern?

ceymorebucks24   22   1 Reply

flash33101

A management representation letter is

A management representation letter is

A management representation letter is

▸ prepared on the CPA's letterhead.

▸ addressed to the client.

▸ signed by high-level corporate officials.

▸ dated as of the balance sheet date.

mylesnagop   27   1 Reply

shichihenge7

An auditor must obtain written client representations that might be signed by all but which of the following?

An auditor must obtain written client representations that might be signed by all but which of the following?

An auditor must obtain written client representations that might be signed by all but which of the following?

▸ treasurer

▸ chief financial officer

▸ vice president of operations

▸ chief executive officer

katieleex0x   20   1 Reply

Kocojda

At the completion of the audit, management is asked to make a written statement that it isnotaware ...

At the completion of the audit, management is asked to make a written statement that it isnotaware ...

[html]At the completion of the audit, management is asked to make a written statement that it is not aware of any undisclosed contingent liabilities. This statement would appear in the

▸ management letter.

▸

onlineerica   31   1 Reply

Redhawt75

Auditing standards require auditors to evaluate whether there is substantial doubt about a client's ...

Auditing standards require auditors to evaluate whether there is substantial doubt about a client's ...

[html]Auditing standards require auditors to evaluate whether there is substantial doubt about a client's ability to continue as a going concern. One of the most important audit procedures to perform to assess the going concern question is

▸ analyti

lcard044   38   1 Reply

live4outdoors

Auditing standards require that the auditor evaluate whether there is a substantial doubt about a ...

Auditing standards require that the auditor evaluate whether there is a substantial doubt about a ...

[html]Auditing standards require that the auditor evaluate whether there is a substantial doubt about a client's ability to continue as a going concern for at least

▸ one quarter beyond the balance sheet date.

▸ one quarter beyond the date of the a

bioboy12   47   1 Reply

isababycookie

Auditing standards require the auditor to ________ other information included in annual reports ...

Auditing standards require the auditor to ________ other information included in annual reports ...

Auditing standards require the auditor to ________ other information included in annual reports pertaining directly to the financial statements.

▸ audit

▸ express an opinion on

▸ read

▸ analyze

Noar   50   1 Reply

edatay

Refusal by a client to prepare and sign the representation letter would require the auditor to issue a(n)

Refusal by a client to prepare and sign the representation letter would require the auditor to issue a(n)

[html]Refusal by a client to prepare and sign the representation letter would require the auditor to issue a(n)

▸ qualified opinion or a disclaimer of opinion.

▸ adverse opinion or a disclaimer of opinion.

▸ qualified or an adverse opinion.

▸ unq

kaykay41   29   1 Reply

omolola69

The date of the management representation letter received from the client should

The date of the management representation letter received from the client should

[html]The date of the management representation letter received from the client should

▸ be the date of latest subsequent event disclosed in the notes to the financial statements.

▸ be dated no earlier than the date of the audit report.

▸ have the

teyodani   28   1 Reply

olsondi

The letter of representation obtained from an audit client should be

The letter of representation obtained from an audit client should be

[html]The letter of representation obtained from an audit client should be

▸ dated as of the end of the period under audit.

▸ dated as of the audit report date.

▸ dated as of any date decided upon by the client and auditor.

▸ dated as of the issu

westleafs   25   1 Reply

mouallemj

When should auditors generally assess a client's ability to continue as a going concern?

When should auditors generally assess a client's ability to continue as a going concern?

[html]When should auditors generally assess a client's ability to continue as a going concern?

▸ upon completion of the audit

▸ during the planning stages of the audit

▸ throughout the entire audit process

▸ during testing and completion phases o

Trey4sho   22   1 Reply

bcyber

Which of the following audit procedures would most likely assist an auditor in identifying ...

Which of the following audit procedures would most likely assist an auditor in identifying ...

[html]Which of the following audit procedures would most likely assist an auditor in identifying conditions and events that may indicate there could be substantial doubt about an entity's ability to continue as a going concern?

▸ review compliance w

tls043   15   1 Reply

awbradshaw

Which of the following is correct regarding supplementary information?

Which of the following is correct regarding supplementary information?

[html]Which of the following is correct regarding supplementary information?

▸ The auditor must express an opinion on the supplementary information.

▸ When reporting on supplementary information, the auditor uses a different materiality threshold f

mickied   30   1 Reply

jwmaro

Which of the following isnota reason why the auditor requests that the client provide a letter of ...

Which of the following isnota reason why the auditor requests that the client provide a letter of ...

[html]Which of the following is not a reason why the auditor requests that the client provide a letter of representation?

▸ Professional auditing standards require the auditor to obtain a letter of representat

tacobeo   37   1 Reply

doquangnhat

Which of the following isnotone of the categories of items included in the letter of representation?

Which of the following isnotone of the categories of items included in the letter of representation?

[html]Which of the following is not one of the categories of items included in the letter of representation?

▸ subsequent events

▸ completeness of information

▸ recognition, measurement, and disclosure

▸ ma

eennuson   26   1 Reply

Jsimon

Which of the following procedures and methods are important in assessing a company's ability to ...

Which of the following procedures and methods are important in assessing a company's ability to ...

[html]Which of the following procedures and methods are important in assessing a company's ability to continue as a going concern?

▸

coleshear   25   1 Reply

KFord

Which of the following statements is correct?

Which of the following statements is correct?

[html]Which of the following statements is correct?

▸ A letter of representation is documentation of management's acceptance of responsibility for the financial statements and is deemed to be reliable evidence.

▸ A letter of representation is not d

tbparker   25   1 Reply

ahgoebel

Which of the following statements regarding the letter of representation isnotcorrect?

Which of the following statements regarding the letter of representation isnotcorrect?

[html]Which of the following statements regarding the letter of representation is not correct?

▸ It is prepared on the client's letterhead.

▸ It is addressed to the CPA firm.

▸ It is signed by high-level cor

partygirl4u59   28   1 Reply

k9kulprit

Which of the following would the auditor expect to find in the client's management representation letter?

Which of the following would the auditor expect to find in the client's management representation letter?

[html]Which of the following would the auditor expect to find in the client's management representation letter?

▸ management's recommendations for internal control effectiveness improvements

▸ management's plans for improving product quality

▸ man

rado202   29   1 Reply

djbo89

Accounting standards generally require the financial statements to be prepared on the assumption an ...

Accounting standards generally require the financial statements to be prepared on the assumption an ...

Accounting standards generally require the financial statements to be prepared on the assumption an entity will continue its operations for a reasonable amount of time.

▸ true

▸ false

bananas87   26   1 Reply

Pmoch

Although the letter of representation is typed on the client's letterhead and signed by the client, ...

Although the letter of representation is typed on the client's letterhead and signed by the client, ...

Although the letter of representation is typed on the client's letterhead and signed by the client, it is common for the auditor to prepare the letter.

▸ true

▸ false

vnaust   25   1 Reply

Kmc14