Podcast
Questions and Answers
What must the auditor conclude on when evaluating the results of the audit?
What must the auditor conclude on when evaluating the results of the audit?
Whether sufficient appropriate audit evidence has been obtained to support the opinion on the financial statements.
According to PCAOB standards, what role do management representations play in the audit process?
According to PCAOB standards, what role do management representations play in the audit process?
Management representations are part of the evidential matter obtained by the auditor, but they do not substitute the necessary auditing procedures.
Why is inquiry of company personnel alone not sufficient as audit evidence?
Why is inquiry of company personnel alone not sufficient as audit evidence?
Inquiry of company personnel, by itself, does not provide enough evidence to reduce audit risk to an appropriately low level for a relevant assertion.
What are the two key characteristics that audit evidence must possess to be considered appropriate?
What are the two key characteristics that audit evidence must possess to be considered appropriate?
Signup and view all the answers
What is the main focus when determining whether audit evidence is appropriate?
What is the main focus when determining whether audit evidence is appropriate?
Signup and view all the answers
Why must the auditor ensure that the audit evidence obtained is both relevant and reliable?
Why must the auditor ensure that the audit evidence obtained is both relevant and reliable?
Signup and view all the answers
What is the importance of the auditor's understanding of the company's selection and application of accounting principles in the audit process?
What is the importance of the auditor's understanding of the company's selection and application of accounting principles in the audit process?
Signup and view all the answers
What is the significance of evaluating whether a company's selection and application of accounting principles are in conformity with the applicable financial reporting framework?
What is the significance of evaluating whether a company's selection and application of accounting principles are in conformity with the applicable financial reporting framework?
Signup and view all the answers
Why is it crucial for auditors to assess whether financial statements are presented fairly in all material respects?
Why is it crucial for auditors to assess whether financial statements are presented fairly in all material respects?
Signup and view all the answers
What is the role of due professional care in the performance of audit work?
What is the role of due professional care in the performance of audit work?
Signup and view all the answers
Why is inquiry of company personnel alone insufficient as audit evidence?
Why is inquiry of company personnel alone insufficient as audit evidence?
Signup and view all the answers
What are the key characteristics that audit evidence must possess to be considered appropriate?
What are the key characteristics that audit evidence must possess to be considered appropriate?
Signup and view all the answers
When did the Firm issue an audit report for Power America's 2018 financial statements?
When did the Firm issue an audit report for Power America's 2018 financial statements?
Signup and view all the answers
What is the date the Firm belatedly filed a Form AP for the audit report on Power America's 2019 financial statements?
What is the date the Firm belatedly filed a Form AP for the audit report on Power America's 2019 financial statements?
Signup and view all the answers
When was the audit report issued for Power America's 2020 financial statements?
When was the audit report issued for Power America's 2020 financial statements?
Signup and view all the answers
For Alterola Biotech, Inc.'s 2022 financial statements, when did the Firm issue the audit report?
For Alterola Biotech, Inc.'s 2022 financial statements, when did the Firm issue the audit report?
Signup and view all the answers
When was the Form AP belatedly filed for Marquie Group, Inc.'s 2022 financial statements?
When was the Form AP belatedly filed for Marquie Group, Inc.'s 2022 financial statements?
Signup and view all the answers
What is the date the Firm included the audit report for Marquie Group, Inc.'s 2022 financial statements in the Form 10-K filing with the SEC?
What is the date the Firm included the audit report for Marquie Group, Inc.'s 2022 financial statements in the Form 10-K filing with the SEC?
Signup and view all the answers
