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ACCT 591 DeVry Week 1 Quiz Latest

ACCT 591 DeVry Week 1 Quiz

ACCT 591 DeVry Week 1 Quiz Latest Downloading is very simple, you can download this Course here: Or Contact us at: ACCT 591 DeVry Week 1 Quiz Latest ACCT591 ACCT 591 DeVry Week 1 Quiz Latest Question 1.1.(TCO E) (CPA_02452.B) Under which of the following circumstances would a disclaimer of opinion not be appropriate? (Points : 10) o o o o The auditor is unable to determine the amounts associated with an employee fraud scheme. Management does not provide reasonable justification for a change in accounting principles. The client refuses to permit the auditor to confirm certain accounts receivable or apply alternative procedures to verify his or her balances. The chief executive officer is unwilling to sign the management representation letter. Question 2.2.(TCO E) (CPA-02768.B) Park, CPA, was engaged to audit the financial statements of Tech Co., a new client, for the year ended December 31, 2013. Park obtained sufficient audit evidence for all of Tech's financial statement items except Tech's opening inventory. Due to inadequate financial records, Park could not verify Tech's January 1, 2013, inventory balances. Park's opinion on Tech's 2013 financial statements most likely will be which? Balance sheet Income statement (Points : 10) o o o o Disclaimer Disclaimer Unqualified Disclaimer Disclaimer Adverse Unqualified Adverse Question 3.3. (CPA-03312.B) In order to express an opinion, the auditor obtains a level of assurance about whether the financial statements are free from material misstatement, whether due to error or fraud. Which of the following is required of the auditor in obtaining this level of assurance? (Points : 10) o o o o Plan the work and properly supervise any assistants. Obtain absolute assurance that the financial statements are not misstated due to fraud on the part of management. Determine the applicable financial reporting framework and prepare an adequate description of the framework for inclusion in the financial statements Exercise his or her specific legal powers and authority in investigating suspicious activities of the entity's employees, including management. Question 4.4.(TCO E) (CPA-02385.B) Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity's ability to continue as a going concern? (Points : 10)