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LSU ACCT 3222 - Chapter 15 Final Exam: Questions and Solutions, Exams of Accounting

Louisiana State University (LSU) - ShreveportAccounting

A comprehensive overview of key concepts related to auditing and financial reporting, specifically focusing on the components of unmodified opinions for public and private companies, instances requiring explanations or modifications, scope limitations, subsequent events, and integrated audits. It includes multiple-choice questions with complete solutions, covering topics such as the components of an unmodified opinion, scope limitations, subsequent events, and integrated audits. This resource is valuable for students studying accounting and auditing, providing a practical understanding of the audit process and reporting requirements.

Typology: Exams

2024/2025

Available from 03/27/2025

bryanryan
bryanryan 🇺🇸

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LSU ACCT 3222 - Chapter 15 Final
Exam – questions – with complete
solutions
Components of unmodified opinion for PUBLIC co:
(9) correct answer: 1. Title ("registered" "independent")
2. Addressed to BOD and shareholders
3. Opinion paragraph (statements audited and opinion)
4. Audit of IC - effectiveness of ICFR
5. Basis for opinion - responsibilities and adherence to SEC
requirements (GAAP)
6. Scope paragraph - process of audit
7. Signature (firm name and location)
8. Date - end of FW
9. Auditor tenure
Components of unmodified opinion for PRIVATE co:
(8) correct answer: 1. Title - "independent"
2. Addressed to owners
3. Intro - identified FS audited
4. Mngmt's responsibility
5. Auditor's responsibility
6. Opinion
7. Signature (firm name and location)
8. Date - end of FW
Instances when an explanation or modification must be added:
correct answer: 1. Consistency (AFTER the opinion paragraph)
2. Going concern (AFTER the opinion paragraph)
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Download LSU ACCT 3222 - Chapter 15 Final Exam: Questions and Solutions and more Exams Accounting in PDF only on Docsity!

LSU ACCT 3222 - Chapter 15 Final

Exam – questions – with complete

solutions

Components of unmodified opinion for PUBLIC co: (9) correct answer: 1. Title ("registered" "independent")

  1. Addressed to BOD and shareholders
  2. Opinion paragraph (statements audited and opinion)
  3. Audit of IC - effectiveness of ICFR
  4. Basis for opinion - responsibilities and adherence to SEC requirements (GAAP)
  5. Scope paragraph - process of audit
  6. Signature (firm name and location)
  7. Date - end of FW
  8. Auditor tenure Components of unmodified opinion for PRIVATE co: (8) correct answer: 1. Title - "independent"
  9. Addressed to owners
  10. Intro - identified FS audited
  11. Mngmt's responsibility
  12. Auditor's responsibility
  13. Opinion
  14. Signature (firm name and location)
  15. Date - end of FW Instances when an explanation or modification must be added: correct answer: 1. Consistency (AFTER the opinion paragraph)
  16. Going concern (AFTER the opinion paragraph)
  1. Emphasis of Matter (AFTER the opinion paragraph)
  2. Opinion w other auditors (no extra paragraph just extra wording in auditor's responsibility paragraph when does a scope limitation occur? correct answer: when auditors cannot perform the planned audit procedures to gather sufficient appropriate evidence If a scope limitation is material, but not pervasive - what opinion should be issued? correct answer: qualified If a scope limitation is material and pervasive, what report is issued and what are the differences? correct answer: disclaimer of opinion - no opinion
  • intro paragraph modified to say "engaged in audit" rather than "we have audited" -responsibility paragraph modified to state auditors not able to obtain suff evidence to perform an opinion & second paragraph explaining responsibility completely eliminated
  • Basis for disclaimer of opinion THEN disclaimer of opinion 5 steps auditor's take if a subsequently discovered fact happens after the end of FW but BEFORE the report release date: correct answer: 1. discuss w mngmt and BOD (gather evidence)
  1. determine if FS need to be adjusted? add note? nothing?
  2. perform audit procedures on changes made by mngmt (if any, from step 2)
  3. Date audit report (dual date/sub event date)
  4. update mngmt rep letter (date same as audit report)
  1. Date - end of FW 2 scenarios that would cause auditors to modify the opinion on ICFR: correct answer: 1. One or more material weaknesses in ICFR
  2. Restriction on the scope of the auditor's work When an auditor issues a disclaimer, what opinion is there? correct answer: No opinion What is the different between an unqualified opinion on ICFR and an Adverse opinion? correct answer: adverse opinion report is the same format as the unqualified opinion - but in the opinion paragraph auditors make it clear that the company did not maintain effective ICFR