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Significant deficiencies and material weaknesses that were corrected during the audit must be communicated by the auditor in writing to the following:
- Internal Audit
- The public
- Those charge with governance
A timely basis for communicating deficiencies in internal controls for a nonissuer is:CorrectIncorrect
The PCAOB standard states that the auditors of issuers are required to perform a(n):CorrectIncorrect
The presence of a material weakness in internal controls results in a(n):CorrectIncorrect
True or False: When performing a review of financial statements, an auditor is required to corroborate managements responses to inquires made by the auditor with supporting evidence?CorrectIncorrect
There are 5 conditions that must be met in order to issue an opinion on whether supplementary information is fairly stated in all material respects in relation to the financial statement as a whole. An auditor must determine if these conditions are met. Which of the below options is NOT one of these 5 conditions.
- The information was derived from or related directly to the information used to prepare the financial statements.
- The financial statements were audited and the auditor issued and auditor’s report.
- An adverse opinion and disclaimer of opinion was issued on the financial statements
- The information relates to the same period as the financial statements
When an auditor concludes that the financial statements are presented fairly, in all material respects, the auditor should express this type of opinion for a nonissuer:CorrectIncorrect
True or False: In nonstatistical sampling, auditors specify the sampling risk they are willing to accept and then calculate the sample size that provides that degree of reliability?CorrectIncorrect
An auditor is engaged to perform an audit on a service organization. What considerations should be made in the planning stages for internal controls of the organization?CorrectIncorrect
True or False: A review, which is similar to an audit, provides absolute assurance that financial statements are free from material misstatement?CorrectIncorrect