Answered: Which of the following parties is…

Which of the following parties is responsible for the fairness of the representations made in financial statements? * O Audit committee. Client's management. AICPA. Independent auditor.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 17MCQ

See similar textbooks

Related questions

Q: The auditor’s report provides the analyst with an independent and professional opinion about the…

A: Auditors' report: Auditors' report is a consolidated report which is done by the auditor to report…

Q: auditor's role in ensuring that rules and regulations

A: 1) Auditor shall obtain understanding of: (a) Legal and regulatory framework…

Q: What is the “special function” that auditors perform? Whom does the public accounting profession…

A: Auditing: It is an independent examination of the financial information of an organization to test…

Q: Discuss financial and regulatory audits, including how an auditor formulates- an opinion.

A: "Since you have asked multiple question we will solve the first question for you. If you want any…

Q: In addition to the preparation of financial statements, it is also the responsibility of those…

A: It is the responsibility of management and Those charged with governance the Financial statements…

Q: What is meant by the professional designations CPA, CMA,and CIA, and how do these designations add…

Q: The official SSARS are applicable to engagements involvinga. Audited financial statements of public…

Q: TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is…

A: Solution Concept Internal control Internal control is the process laid down by the…

Q: Which of the following best describes why an independent auditor is asked to expressan opinion on…

Q: Which of the following is most closely related to the responsibilities principle?a. The auditors’…

A: Responsibility principle: A fundamental principle which is concerned with the ethical requirements…

Q: Justify the auditor's need to evaluate conformity with applicable rules and regulations. How does…

A: The auditor's goal is to identify and accurately analyze the risks of material misstatement.…

Q: Who develops and implement policy on the engagement of the external auditor to supply non-audit…

A: External auditor is the person outside the organization, who performs the audit services for the…

Q: Which of the following statements about desirable attributes of accounting standards boards is most…

A: Accounting standards boards should not concede to political pressures because then it will not be…

Q: Auditors' opinions and reports serve what function

A: Definition \auditing: An auditor undertakes a comprehensive review of all pertinent data,…

Q: Who is responsible for the preparation and the fair presentation of an entity's financial statements…

A: Fair Presentation of Financial statement: If the financial statements of an entity do not include…

Q: A public accounting firm's audit documentation review has what advantages?

A: Introduction: Audit documentation encompasses all forms of documents or records created by auditors,…

Q: nciples (GAAP) and are audited by CPA firms. Do investors need to worry about the validity of those…

A: GAAP = generally accepted accounting principles When CPA firms are audited they take all types of…

Q: The auditors’ report provides the analyst with an independent and professional opinion about the…

A: Auditors' report: Auditors' report is a consolidated report which is done by the auditor to report…

Q: Which of the following statements are True? a) The financial statements are management's…

A: management is primarily responsible for the preparation and presentation of financial statements.…

Q: What is involved in the legal requirements of financial governance? Select an answer: having a…

A: According to the given question, we are required to find out the correct option from the available…

Q: Accounting Discuss the main types of auditing according to its objectives with giving examples for…

A: Audit is an independent examination of financial information of an entity weather profit-oriented or…

Q: Which of the following is not a purpose of the Center for Audit Quality which is affiliated with the…

A: Centre for Audit Quality (CAQ) is affiliated to the AICPA. As the name indicates CAQ is focused…

Q: When an auditor uses the work of an expert, who has the responsibility for arriving at ar overall…

A: Introduction:- The auditor’s use of the work of an expertise in a field other than accounting or…

Q: Which of the following parties is responsible for the fairness of the representations made in…

A: Financial statements are the reports prepared to help the stakeholders to analyze the financial and…

Q: Communicating Key Audit Matters in the audit report is : A. Additional communication to provide…

A: Key Audit Matters are all those matters which are most significant in the opinion of the auditor in…

Q: Which of the following is the primary responsibility of auditor? a. To ensure compliance with laws…

A: An auditor is a person who has been appointed by the board of directors to provide shareholders with…

Q: What is operational auditing? How does the AICPA (American Institute of Certified Public…

A: Operational Auditing: The process by which effectiveness and efficiency of business operations are…

Q: ly the same m

A: Financial Statements: Financial statements are condensed summary of transactiions communiicated…

Q: The scope of external audit is decided by the: a. Shareholders b. Government c. Management d. Audit…

A: Audit means checking and authenticating the financial statements of the company whether they are…

Q: Financial statement are based on generally accepted accounting principles (GAAP) and are audited by…

A: Financial statements means Income Statement, Balance Sheet and Cash Flow Statement of the business.…

Q: The responsibility for adopting sound accounting policies, maintaining internal control, fair…

A: The primary responsibility of adopting sound accounting policies, their effective implementation,…

Q: Explain how the auditors can be sustained in the auditing profession.

A: Auditing: It is an act of the examination of financial statements of an entity and expression of…

Q: Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with…

A: Auditor: An auditor is a person or a group of people who is responsible for conducting an audit of…

Q: The fair presentation of financial statements in conformity with applicable financial reporting…

A: The financial statements of the business includes balance sheet and income statement.

Q: ustify the auditor's duty to evaluate conformity with applicable rules and regulations. How does…

A: As defined in IAS 250, Consideration of laws and regulations in financial statement auditing.

Q: the role of the Chief Audit Executive?

A: A chief audit executive or the head of the internal audit function in a company is a staff from the…

Q: TRUE OR FALSE A disclosure is considered material if it reflects the significant economic,…

A: Thanks for the Question Bartleby's Guideline: “Since you have asked multiple question, we will…

Q: Under Sarbanes–Oxley and PCAOB rules, ensuring that the auditor is independent inappearance is the…

A: Sarbanes-Oxley Act of 2002: The accounting guidelines provided to prevent fraudulent and…

Q: The accuracy and the presentation of the Public listed companies financial reports is the primary…

A: Auditing is the official inspection of the books of a company and to make sure they are complying to…

Question

Which of the following parties is responsible for the fairness of the
representations made in financial statements? *
O Audit committee.
Client's management.
AICPA.
OIndependent auditor.
TOSHIBA

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Introduction

VIEW

Explanation for the Correct Option

VIEW

Explanation for the Incorrect Options

VIEW

Conclusion

VIEW

Trending now

This is a popular solution!

Step by step

Solved in 4 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which of the following parties is responsible for the fairness of the representations made in financial statements? * O AICPA. Independent auditor. O Audit committee. O Client's management.
Accounting Discuss the main types of auditing according to its objectives with giving examples for each type. Your answer for each type should include its purpose, to whom it is provided and who is eligible to conduct it. Ar Ski
Auditors' opinions and reports serve what function?
Which of the following type of auditors provides an opinion on the truthfulness and fairness of the financial statement of the company? External Auditor Internal Auditor Cost Auditor Operational Auditor
2 What are the two main assurance level or engagements that auditors can perform for their clients regarding the financial statements: _________________ ________________
Using the concept of justice, evaluate how an auditor would assess the equality of interests in the financial reporting process.
Which of the following engagement is covered by the Framework for Assurance Engagements?* Consulting engagements. Preparation of tax returns External financial statements audit Internal financial statements audit
what are the key factors that should be considered in determining whether a financial statement is material? should auditors apply the same material guidelines or benchmarks as financial accountants ?
TRUE OR FALSE? WHY? For purposes of examining the client's financial statements, the auditor is concerned with those objectives or features of internal control that primarily relate to the entity's ability to record, process, summarize, and report financial data.
Q. Who is responsible for preparing the overall audit strategy and the audit plan? a-Those charged with governance b-Management’s c-Accountant d-Auditor’s
What are some examples of assurance services performed on nonfinancial information?What are some of the major areas of public accounting services?
Which one of the following concepts is an important issue for the Auditors of financial accounts? O a. Understandability concept O b. Business entity concept O c. Disclosure concept O d. Materiality concept