11. The standard unmodified audit report includes all of the following except a(
ID: 2339437 • Letter: 1
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11. The standard unmodified audit report includes all of the following except a(n): (a) Scope paragraph. (b) Explanatory paragraph. (c) Introductory paragraph. (d) Date. 12. Which of the following should never be the addressee of an auditor's report? (a) (b) (c) (d) Stockholders of the company. Board of directors of the company. Chief executive officer of the company. Partners of a partnership. Which of the following activities is typically associated with operational auditing? 13. Determining whether the financial statements are an accurate representation of the entity's operations. Evaluating the feasibility of attaining the entity's operational objectives. (a) (b) (c) Making recommendations for improving performance (d) Reporting on the entity's relative success in meeting profitability goals. 14, which of the following procedures is not included in a review engagement for a nonpublic entity (a) A study and evaluation of internal control structure. (b) Inquiries regarding events subsequent to the balance sheet date. (c) Any procedures designed to identify relationships among data that appear to be unusual. Inquiries of management. (d) Which of the following is not part of the fundamental principle of responsibilities that make up GAAS? (a) 15. Due professional care is to be exercised by the auditor when performing an audit. The work is to be adequately planned by the auditor and assistants, if any, are to be properly supervised. The audit is to be performed by a person or persons having adequate technical training and proficiency as an auditor. The auditor is to maintain an independence in mental attitude. (b) (c) (d)Explanation / Answer
11) Option B Explanatory paragraph The unaudited Audit Reports includes report title, Audit report Address, Date, name of the CPA firm, Introductory Paragraph,Scope paragraph,Opinion Paragraph. 12) Option C CEO of the Company The addressee is usually the board of directors or stockholders of the organization. In case of partnership firm addressee are partners of partnership. 13) Option A Determine whether the financial statements fairly present the entity's operations A operational audit is a systematic process of evaluating an organization's effectiveness, efficiency and economy of operations under management's supervision and reporting to concerned persons the results of the evaluation and improvement recommendation. 14) Option A: A study and evaluation of internal control structure The procedures included in a review engagement of a nonpublic entity are Inquiries of management, Inquiries regarding events subsequent to the balance sheet date and any procedures designed to identify relationships among data that appear to be unusual
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