4MC Auditing Questions 1-4

Refer to and answer the questions below

As a result of the new auditing standards, there is enhanced auditor reporting on the going concern issue. Which of the following is NOT required as part of this reporting? O requirement to challenge the adequacy of financial statement disclosures that relate to the going concern O statement as to whether the entity is a viable going concern for the next five years O separate section in the audit report when a material uncertainty exists and is adequately disclosed O description of management and auditor responsibilities as it relates to the going concernAt the end of the audit, the auditor reconsiders their assessment of internal control and fraud risk. To perform this evaluation, auditors must O consider the involvement of those charged with governance. consider management's opinion on the significance of the qualitative factors involved. O use professional scepticism. O use professional judgement.Which of the following accurately describes a type 1 subsequent event? O there is no impact on any estimates included in the financial statements at year end O provides additional evidence with respect to conditions that existed at year end O only requires disclosure in the notes to the financial statements O provides additional evidence with respect to conditions that arose after the balance sheet dateWhat happens if materiality at the end of the audit is significantly lower than at the beginning of the audit? O inherent risk is assessed at a lower level O the auditor reassesses internal controls O a determination is made of whether additional audit procedures are required O increased analytical procedures are performed