Auditing Requirements Quiz
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Questions and Answers

What is a requirement for an audit of both an issuer's and a nonissuer's financial statements?

  • The auditor is required to assess the risk of fraud.
  • The auditor is required to assess the effectiveness of management's assessment of the company's internal control over financial reporting.
  • The auditor is required to refer to a recognized control framework in performing the audit of internal control over financial reporting. (correct)
  • The auditor is required to express an opinion on the effectiveness of the company's internal control over financial reporting.

What does the auditor need to express an opinion on in an audit of financial statements?

  • The risk of fraud.
  • The effectiveness of the company's internal control over financial reporting. (correct)
  • The company's marketing strategies.
  • The company's profitability.

What is the auditor required to assess in an audit of both an issuer's and a nonissuer's financial statements?

  • The risk of bankruptcy.
  • The company's stock performance.
  • The company's employee satisfaction.
  • The effectiveness of management's assessment of the company's internal control over financial reporting. (correct)

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