Podcast
Questions and Answers
What is the main focus of PSA 315 (Redrafted)?
What is the main focus of PSA 315 (Redrafted)?
- Completing the Audit Process
- Using the Work of Another Auditor
- Identifying and Assessing the Risks of Material Misstatement (correct)
- Communicating Key Audit Matters
Which standard deals with Electronic Commerce's effect on the Audit of Financial Statements?
Which standard deals with Electronic Commerce's effect on the Audit of Financial Statements?
- PSA 560
- PSA 330 (Redrafted)
- PAPS 1013 (correct)
- PSA 402 (Revised and Redrafted)
According to PSA 700 (Revised), what does the Independent Auditor's Report cover?
According to PSA 700 (Revised), what does the Independent Auditor's Report cover?
- Comparatives
- Subsequent Events
- Audit Considerations Relating to Service Organizations
- Complete Set of General Purpose Financial Statements (correct)
Which standard guides the auditor's responses to assessed risks?
Which standard guides the auditor's responses to assessed risks?
In what area does PSAE 3402 provide assurance reports?
In what area does PSAE 3402 provide assurance reports?
What is the main purpose of PSA 701?
What is the main purpose of PSA 701?
Which opinion is indicated when the phrase 'The financial statements present fairly in all material respects the financial position, results of operations, and cash flows in conformity with GAAP' is used?
Which opinion is indicated when the phrase 'The financial statements present fairly in all material respects the financial position, results of operations, and cash flows in conformity with GAAP' is used?
When should an auditor's report be dated?
When should an auditor's report be dated?
Where is the auditor's address typically presented in the auditor's report?
Where is the auditor's address typically presented in the auditor's report?
To what should an auditor's report be dated?
To what should an auditor's report be dated?
Which type of opinion is given when the phrase 'in all material respects' is not included in the auditor's report?
Which type of opinion is given when the phrase 'in all material respects' is not included in the auditor's report?
What does an unqualified opinion signify in an auditor's report?
What does an unqualified opinion signify in an auditor's report?
If the auditor determines that the fraud/error in the financial statements is pervasive, what opinion should they issue?
If the auditor determines that the fraud/error in the financial statements is pervasive, what opinion should they issue?
When would an auditor issue a standard unqualified report with no emphasis of a matter paragraph concerning consistency?
When would an auditor issue a standard unqualified report with no emphasis of a matter paragraph concerning consistency?
What should the auditor do if management fails to provide adequate justification for changing accounting principles?
What should the auditor do if management fails to provide adequate justification for changing accounting principles?
In case of a material mistake in calculating warranty expenses, which type of opinion should the auditor give?
In case of a material mistake in calculating warranty expenses, which type of opinion should the auditor give?
What type of opinion should be issued if there is a change in an accounting principle from generally not accepted to generally accepted?
What type of opinion should be issued if there is a change in an accounting principle from generally not accepted to generally accepted?
When the effect of fraud and error is significant but not pervasive, what opinion should the auditor give?
When the effect of fraud and error is significant but not pervasive, what opinion should the auditor give?
When an auditor believes a company may not continue as a going concern and management prepares financial statements on the basis of a going concern, what type of opinion should the auditor issue?
When an auditor believes a company may not continue as a going concern and management prepares financial statements on the basis of a going concern, what type of opinion should the auditor issue?
When adequate disclosure is not made by the entity regarding substantial doubt about its ability to continue as a going concern, what should the auditor include in the report?
When adequate disclosure is not made by the entity regarding substantial doubt about its ability to continue as a going concern, what should the auditor include in the report?
Which type of information, other than financial statements and the auditor's report, is included in a document containing audited financial statements?
Which type of information, other than financial statements and the auditor's report, is included in a document containing audited financial statements?
If an entity does not disclose substantial doubt about its ability to continue as a going concern, what type of opinion should the auditor express?
If an entity does not disclose substantial doubt about its ability to continue as a going concern, what type of opinion should the auditor express?
When an auditor believes a company may not continue as a going concern, what type of opinion is appropriate if management also believes it can continue as a going concern?
When an auditor believes a company may not continue as a going concern, what type of opinion is appropriate if management also believes it can continue as a going concern?
If an entity fails to disclose substantial doubt about its ability to continue as a going concern, what type of opinion should the auditor express?
If an entity fails to disclose substantial doubt about its ability to continue as a going concern, what type of opinion should the auditor express?
According to PSA 402, what do both Type I and Type II reports cover?
According to PSA 402, what do both Type I and Type II reports cover?
What method can be used to deal with services provided by a subservice organization according to PSAE 3402?
What method can be used to deal with services provided by a subservice organization according to PSAE 3402?
In a Type II report as per PSA 402, what aspect of controls is covered?
In a Type II report as per PSA 402, what aspect of controls is covered?
Who is a service auditor according to PSAE 3402?
Who is a service auditor according to PSAE 3402?
In a Type I report under PSA 402, what aspect of controls is typically assessed?
In a Type I report under PSA 402, what aspect of controls is typically assessed?
'Carve-out method' and 'inclusive method' are associated with what aspect of PSAE 3402?
'Carve-out method' and 'inclusive method' are associated with what aspect of PSAE 3402?
