Exam (elaborations)
AUDCPA QUESTIONS AND ANSWERS
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AUDCPA QUESTIONS AND ANSWERS AUDCPA QUESTIONS AND ANSWERS AUDCPA QUESTIONS AND ANSWERS
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AUDCPA QUESTIONSsuccessor not reported paragraph - ANS other matter
division of responsibility impacts - ANS opinion section of report only
when an integrated audit is not required for an issuer - ANS less than 100 million in annual revenue
disclaimer of opinion impacts - ANS every paragraph except management
no critical audit matters in - ANS the red zone
emphasis of matter paragraph required - ANS special purpose framework, consistency impacted, audit
opinion changed after issued
emphasis of matter paragraph - ANS A paragraph added to an auditors' report that provides information
fundamental to users' understanding of the financial statements (such as consistency or going-concern
uncertainties).
other matter paragraph - ANS A paragraph added to the auditors' report that is relevant to users'
understanding of the audit, the auditor's responsibility, or the auditors' report. Items not directly in the
audit report or disclosed in the financial statements
explanatory paragraph - ANS see emphasis of matter. for issuers
examples of emphasis of matter/explanatory paragraph - ANS change in estimate inseperable from
change in principle
correction of an error in principle
, change in reporting entity
hierarchy of contact - ANS client, management, BOD, dissociate and contact regulatory authorities
other information - ANS read. do not modify the opinion based on this information. opinion is modified
only if something in financials is proven wrong because of it
supplementary information asked by client - ANS apply audit procedures such as inquiry and comparison
supplementary information required - ANS limited procedures. non issuer- separate section. issuer-
reported only if there are issues
no need to reference change in engagement type if - ANS change is justified
quality control elements - ANS HELP ME
Used to test assertions at the account, transaction, and disclosure level - ANS substantive and test of
controls
audit plan - ANS A comprehensive list of the specific audit procedures that the audit team needs to
perform to gather sufficient appropriate evidence on which to base their opinion on the financial
statements. Ie- NET
audit strategy - ANS The auditor's plan for the expected conduct, organization, and staffing of the audit.
Ie objectives, scope
auditor NEVER - ANS shares responsibility with specialist or internal auditor
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