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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