4 MC Auditing Questions

Refer to attachments below

Which of the following misstatements would NOT always be considered to reverse in the next fiscal year? O judgemental misstatements O misstatement caused by an error O misstatement caused by fraud O understatement of payablesThose charged with governance generally refers to C} inhouse lawyers. C} the board of directors. {3' creditors of the entity. {3' the external auditors of the entity. If a company announces its intention to seek protection from creditors pursuant to the applicable laws, the company is 0 not able to hire auditors. O a viable entity. O not a going concern. 0 a going concern. An adverse opinion is issued when O a scope limitation exists that has both a material and pervasive effect on the statements. O the financial statements present fairly the financial position of the entity. O a GAAP departure causes the statements to be materially, but not pervasively misstated. O a GAAP departure causes the financial statements to be materially and pervasively misstated