100% satisfaction guarantee Immediately available after payment Both online and in PDF No strings attached
logo-home
Previously searched by you
Previously searched by you
logo
ACCT 3222-3, WILEY, LSU, EXAM 1 NEWEST 2024 ACTUAL EXAM 270 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ $21.20   Add to cart
Quickly navigate to
Preview
  2.  
  3. ACCT 3222-3, WILEY, LSU
  4.  
  5. ACCT 3222-3, WILEY, LSU

Exam (elaborations)

ACCT 3222-3, WILEY, LSU, EXAM 1 NEWEST 2024 ACTUAL EXAM 270 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

1 review
 6 views  0 purchase
  • Course
  • ACCT 3222-3, WILEY, LSU
  • Institution
  • ACCT 3222-3, WILEY, LSU

ACCT 3222-3, WILEY, LSU, EXAM 1 NEWEST 2024 ACTUAL EXAM 270 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+ ACCT 3222-3, WILEY, LSU, EXAM 1 NEWEST 2024 ACTUAL EXAM 270 QUESTIONS AND CORRECT DETAILED ANSWERS (VERIFIED ANSWERS) |ALREADY GRADED A+

Preview 4 out of 59  pages

Document information

  • February 12, 2024
  • 59
  • 2023/2024
  • Exam (elaborations)
  • Questions & answers

Subjects

  • acct 3222 3
  • wiley
  • acct 3222 3 wiley lsu exam 1 newest 2024 actual
  • lsu exam 1 newest 2024 actual

Written for

  • ACCT 3222-3, WILEY, LSU
All documents for this subject (15)

1  review

review-writer-avatar

By: DrReiss • 5 months ago

Very helpful

Seller

avatar-seller
erickarimi

Reviews received

Content preview

Audit standards require a ________ be used for all audits - ANSWER--
Audit standards require a standard format of the audit report be used for
all audits


Standard Unmodified Report - ANSWER--Used when auditors have
determined the financial statements are presented fairly in accordance
with the applicable financial reporting framework


Also called standard, unmodified/unqualified, or "clean" report


Sections of an unmodified audit report of a private company -
ANSWER--1. Independent Auditor's Report
2. To the owner's of company:
3. Report on the Financial Statements (IDs the F/S and what service
performed)
4. Management's Responsibility for the Financial Statements (Prep and
fair presentation of the F/S; design, implementation, and maintenance of
IC; F/S free from material misstatement whether due to fraud or error)
5. Auditor's Responsibility (Express an opinion, used auditing standards
(ASB), reasonable assurance F/S free from material misstatement,
Obtain audit evidence and Procedures on auditor's judgment, considered
IC relevant to design audit procedures, no expressed opinion on IC,
evidence obtained sufficient and appropriate to provide opinion)

,6. Opinion (present fairly, in all material respects, financial opinion in
accordance with accounting principles GAAP)
7. CPA firm signature
8. Date end of field work, evidence gathering complete


What does second paragraph of Auditor's Responsibilities represent? -
ANSWER--How an audit is performed


PCAOB standards use the term ______ report - ANSWER--Unqualified
report. Equivalent to unmodified used in private companies and
sometimes used interchangeably as unmodified used to be used for
private companies too.


Sections of Unqualified audit report of public company - ANSWER--1.
Report of Independent Registered Public Accounting Firm (registered w/
PCAOB)
2. To the shareholders and Board of Director of company
3. Opinion on the Financial Statements (note moves to top of report but
stmt stays the same as private company)
4. We have also audited IC ... and reference IC report
5. Basis for opinion (F/S responsibility of company's mgmt, auditor
responsibility to express an opinion and be independent
6. What is an audit section
7. Signature of audit firm

,8. Date (end of fieldwork)
9. Statement about auditor tenure


What is unique to the public company audit report? - ANSWER--1. Title
- registered with PCAOB
2. Opinion moves from last paragraph to top of report
3. Paragraph referencing the audit of IC as public companies are
required to have an audit of ICFR and auditors issue a separate opinion
for that audit
4. Basis for opinion paragraph - less detail than private company and
that registered with PCAOB and independence requirements of the SEC
and other federal securities laws
5. Scope paragraph - explicit statement that PCAOB audit standards
were followed
6. Audit tenure - states the year audit firm began serving consecutively
as the company's auditor


Qualified or Adverse opinion - ANSWER--Material departures and
client refuses to make corrections


Qualified or Disclaimer of Opinion - ANSWER--Material limitation
known as "Scope Limitation" on auditor's ability to gather sufficient
appropriate evidence

, Disclaimer of Opinion - ANSWER--Auditor is not independent


PCAOB Auditing Standard 2201 states_____ - ANSWER--PCAOB
Auditing Standard 2201 An Audit of Internal Control Over Financial
Reporting That Is Integrated with An Audit of Financial Statements
states that auditors must conduct an integrated audit for public
companies


AS 2201 requires - ANSWER--a standard format of the audit report be
used for all audits of effectiveness of ICFR


Components of the unqualified report on ICFR - ANSWER--1. Title -
independent is also in the title of this report and registered with PCAOB
2. Address - addressed to S/H and Board of Directors of company
3. Opinion paragraph - explains an audit of ICFR was conducted
references the COSO IC - Integrated Framework as criteria. Second
sentence states auditor's opinion
4. Paragraph referencing the F/S audit and the opinion given
5. Basis for opinion paragraph - states different responsibilities of mgmt
and auditors. References registration with PCAOB and independence
requirements of SEC and other fed. security laws
6. Scope paragraph - explains auditor's used PCAOB standards. Auditors
only required to obtain reasonable assurance and did so as basis for
opinion

The benefits of buying summaries with Stuvia:

Guaranteed quality through customer reviews

Guaranteed quality through customer reviews

Stuvia customers have reviewed more than 700,000 summaries. This how you know that you are buying the best documents.

Quick and easy check-out

Quick and easy check-out

You can quickly pay through credit card or Stuvia-credit for the summaries. There is no membership needed.

Focus on what matters

Focus on what matters

Your fellow students write the study notes themselves, which is why the documents are always reliable and up-to-date. This ensures you quickly get to the core!

Frequently asked questions

What do I get when I buy this document?

You get a PDF, available immediately after your purchase. The purchased document is accessible anytime, anywhere and indefinitely through your profile.

Satisfaction guarantee: how does it work?

Our satisfaction guarantee ensures that you always find a study document that suits you well. You fill out a form, and our customer service team takes care of the rest.

Who am I buying these notes from?

Stuvia is a marketplace, so you are not buying this document from us, but from seller erickarimi. Stuvia facilitates payment to the seller.

Will I be stuck with a subscription?

No, you only buy these notes for $21.20. You're not tied to anything after your purchase.

Can Stuvia be trusted?

4.6 stars on Google & Trustpilot (+1000 reviews)

80461 documents were sold in the last 30 days

Founded in 2010, the go-to place to buy study notes for 14 years now

Start selling
$21.20
  • (1)
  Add to cart