Questions from Accounting for Government and Non-Profit

Q: Distinguish between an unqualified report with an explanatory paragraph or modified wording

Distinguish between an unqualified report with an explanatory paragraph or modified wording and a qualified report. Give examples when an explanatory paragraph or modified wording should be used in an...

Q: In recent years the stock market experienced significant declines, unprecedented since

In recent years the stock market experienced significant declines, unprecedented since the Great Depression. Why might it be important for you to consider current economic events as part of planning a...

Q: Describe what is meant by reports involving the use of other auditors

Describe what is meant by reports involving the use of other auditors. What are the three options available to the principal auditor and when should each be used?

Q: Explain why auditors' reports are important to users of financial statements and

Explain why auditors' reports are important to users of financial statements and why it is desirable to have standard wording.

Q: Distinguish between changes that affect consistency and those that may affect comparability

Distinguish between changes that affect consistency and those that may affect comparability but not consistency. Give an example of each.

Q: List the three conditions that require a departure from an unqualified opinion

List the three conditions that require a departure from an unqualified opinion and give one specific example of each of those conditions.

Q: Distinguish between a qualified opinion, an adverse opinion, and a

Distinguish between a qualified opinion, an adverse opinion, and a disclaimer of opinion, and explain the circumstances under which each is appropriate.

Q: Explain what is meant by determining the degree of correspondence between information

Explain what is meant by determining the degree of correspondence between information and established criteria. What are the information and established criteria for the audit of Jones Company's tax r...

Q: Define materiality as it is used in audit reporting. What conditions

Define materiality as it is used in audit reporting. What conditions will affect the auditor's determination of materiality?

Q: Explain how materiality differs for failure to follow GAAP and for lack

Explain how materiality differs for failure to follow GAAP and for lack of independence.