SOA PKF SA - 700(R), 701, 705(R), 706(R), 720(R), 570(R).  20

SOA PKF SA - 700(R), 701, 705(R), 706(R), 720(R), 570(R). 20

University

23 Qs

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SOA PKF SA - 700(R), 701, 705(R), 706(R), 720(R), 570(R).  20

SOA PKF SA - 700(R), 701, 705(R), 706(R), 720(R), 570(R). 20

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23 questions

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1.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

The absence of any reference to a material uncertainty about the entity’s ability to continue as a going concern in an auditor’s report means a guarantee as to the entity’s ability to continue as a going concern

True
False

2.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

An entity’s inability to pay creditors on due dates or inability to comply with the terms of loan agreements may signify that a material uncertainty about the entity’s ability to continue as a going concern exists

True
False

3.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

If adequate disclosure about the material uncertainty is made in the financial statements, the auditor shall express _______.

An unmodified opinion
A modified opinion

4.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

In evaluating management’s assessment of the entity’s ability to continue as a going concern, the auditor shall cover the same period as that used by management to make its assessment. Such period shall be:

Less than twelve months from the date of financial statements
More than twelve months from the date of financial statements
At least twelve months from the date of financial statements
Equal to twelve months from the date of financial statements

5.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

While performing analysis of the cash flow forecast prepared by the entity, the auditor should:

Evaluate reliability of underlying data generated to prepare the forecast
Determine whether there is adequate support for assumptions underlying forecast
Both (a) and (b) above

6.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

Audit report on general purpose financial statements of a company is addressed to:

Those charged with governance
Management
Board of Directors
Members of the company

7.

MULTIPLE CHOICE QUESTION

1 min • 1 pt

What terms can be used to express an unmodified opinion on financial statements prepared in accordance with a fair presentation framework? a. Present fairly, in all material respects b. With the foregoing explanation c. Give a true and fair view d. Subject to

a,b,c
b,c,d
a & c
a& d

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