
Completion of audit
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Business
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University
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Practice Problem
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Hard
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1.
FLASHCARD QUESTION
Front
Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity's ability to continue as a going concern? Cash flows from operating activities are negative, Stock dividends replace annual cash dividends, Significant related party transactions are pervasive, Research and Development projects are postponed
Back
Cash flows from operating activities are negative
2.
FLASHCARD QUESTION
Front
The following statements are ordinarily included in a management representation letter, except:
The completeness and availability of minutes of stockholders' and directors' meetings.
There have been no irregularities involving management or employees who have a significant role in internal control or that could have a material effect on the financial statements.
The financial statements are free of material misstatements, including omissions.
Back
Sufficient appropriate audit evidence has been made available to permit the expression of an unqualified opinion.
3.
FLASHCARD QUESTION
Front
An auditor is concerned with completing various phases of the audit after the balance sheet date. This subsequent period extends to the date of the
Back
Auditor's report
4.
FLASHCARD QUESTION
Front
The primary source of information to be reported about litigation, claims, and assessments is the
Back
Client's management.
5.
FLASHCARD QUESTION
Front
The written representations shall be in the form of a representation letter addressed to the
Back
Auditor.
6.
FLASHCARD QUESTION
Front
Analytical procedures used in the overall review stage of the audit generally include: Retesting controls that appeared to be ineffective during the assessment of control risk, Considering unusual or unexpected account balances that were not previously identified, Gathering evidence concerning account balances that have not changed from the prior year, Performing tests of transactions to corroborate management's financial statement assertions.
Back
Considering unusual or unexpected account balances that were not previously identified.
7.
FLASHCARD QUESTION
Front
Analytical procedures performed in the overall review stage of an audit suggest that several accounts have unexpected relationships. The results of these procedures most likely indicate that
Back
Additional substantive tests of details are required
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