Questions from Auditing and Assurance

Q: Describe the reports containing audited financial statements that are customarily filed by

Describe the reports containing audited financial statements that are customarily filed by a company subject to the reporting requirements of the SEC.

Q: Comment on the following: When using mean-per-unit

Comment on the following: When using mean-per-unit sampling, increases in the tolerable misstatement result in an increased required sample size.

Q: To which individuals and/or organizations is a public company audit

To which individuals and/or organizations is a public company audit report ordinarily addressed?

Q: Comment on whether you agree with the following and why: GAAP

Comment on whether you agree with the following and why: GAAP and GAAS represent two frequently used financial reporting frameworks.

Q: Provide a list of the types of nonpublic company unmodified and modified

Provide a list of the types of nonpublic company unmodified and modified audit opinions.

Q: Howard Green, a partner with Cary, Loeb, & Co

Howard Green, a partner with Cary, Loeb, & Co., and his audit team have completed the audit of Baker Manufacturing. Determine the proper date of the audit report. ∙ December 31, 20X0: Baker’s year-end...

Q: When the current auditors make reference to the work of the component

When the current auditors make reference to the work of the component auditors, does this result in expression of a qualified opinion? Explain.

Q: Explain three situations in which the wording of a report with an

Explain three situations in which the wording of a report with an unmodified opinion might depart from the auditors’ standard report.

Q: Wade Corporation has been your audit client for several years. At

Wade Corporation has been your audit client for several years. At the beginning of the current year, the company changed its method of inventory valuation from average cost to last-in, first-out (LIFO...

Q: Section 404 of the Sarbanes-Oxley Act of 2002 includes two

Section 404 of the Sarbanes-Oxley Act of 2002 includes two sections. Describe those sections.