An auditor explained that public companies almost always earn an unqualified opinion, and that she herself has worked in clients where "Going Concern" language was added to the opinion.Please answer the following in 2-3 sentences:
Why are almost all public company audits issued an unqualified opinion?Describe what influences are driving that process.
Why would a company need Going Concern language in their audit opinion?
Describe the required communications that an auditor must have with the audit committee and management to comply with auditing standards about the final results of the audit.
QUESTION 4 At a university with 1,000 business majors, there are 200 business students enrolled in an introductory statistics course. Of these 200 students, 50 are also enrolled in an introductory accounting course. There are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business student is selected at random, what is the probability that the student is enrolled in accounting? a 0.50 O b. )0.20 O c. 0.30 O d. 0.25 QUESTION 5 At a university with 1,000 business majors, there are 200 business students enrolled in an introductory statistics course. Of these 200 students, 50 are also enrolled in an introductory accounting course. There are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business student is selected at random, what is the probability that the student is enrolled in both statistics and accounting? O a. 0.05 O b. 0.25 O c. D.20 d. 0.06 QUESTION 6 At a university with 1,000 business majors, there are 200 business students enrolled in an introductory statistics course. Of these 200 students. 50 are also enrolled in an introductory accounting course. There are an additional 250 business students enrolled in accounting but not enrolled in statistics. If a business student is selected at random and found to be enrolled in statistics, what is the probability that the student is also enrolled in accounting? a 0.30 O b. 0.03 O c. 0.25 d, 0.20ESSAY. Write your answer in the space provided or on a separate sheet of paper. 19) Engagement letters are used by most auditors in performing professional services. a. Describe the purpose of an engagement letter. b. List four items that are normally included in an engagement letter. 20) As a part of the planning process, auditors develop an audit strategy, an audit plan, and a time budget. a. Describe an audit strategy and explain its purpose. b. Describe an audit plan and explain its purpose. c. Describe a time budget and explain its purpose.Symbols and abbreviations Travel covers the goods and services and A62 in the publication WTO World acquired by a traveller while outside Trade Statistical Review 2020. the territory of residence. Travel na Not available, not can be undertaken for personal or reported business reasons. Industrial property Not applicable Other commercial services include Data refer to the annual number of AOA WTO Agreement on Construction; Insurance and pension applications for patents, trademarks Agriculture services; Financial services; Charges and industrial designs in the name of for the use of intellectual property, n.i.e.; residents and non-residents of the NAMA WTO Non- Telecommunications, computer and considered economy, recorded by Agricultural Market information services; Other business filing office. Access services; Personal, cultural and HS Harmonized recreational services Statistical sources Commodity Goods-related services cover Description and Manufacturing services on physical Eurostat; the International Monetary Coding System inputs owned by others and Fund; the International Trade Centre; GATS Maintenance and repair services n.i.e. the Organisation for Economic General Agreement Co-operation and Development; on Trade in Services Breakdown by main destination the United Nations Statistics Division; FATS Foreign AffiliaTes and origin: EU members (current the United Nations Commodity Trade Statistics membership, not including the United Statistics Database; the United Kingdom) are grouped as one trading Nations Conference on Trade and ICTs Refers to "Tele- partner. If data on EU as a trading Development; the World Intellectual communications, partner is not available, data on EU (28) Property Organization; the World Trade computer, and infor- as trading partner may be taken. Organization and national statistics. mation services' FATS (Foreign AffiliaTes Statistics) EU refers to the EU members Austria, Intellectual Refers to "Charges refer to data for foreign affiliates for Belgium, Bulgaria, Croatia, Cyprus, property for the use of which foreign investors own more than Czech Republic, Denmark, Estonia, intellectual property 50 per cent of the voting power at each Finland, France, Germany, Greece, n.i.e." stage of the ownership chain. Sales Hungary, Ireland, Italy, Latvia, Lithuania, Personal & Refers to "Personal, measure gross operating revenues, less Luxembourg, Malta, Netherlands, cultural cultural and rebates, discounts and returns. In the Poland, Portugal, Romania, Slovak recreational services" profiles FATS sales refer to affiliates Republic, Slovenia, Spain and Sweden. primarily engaged in services activities The Separate Customs Territory of and exclude wholesale and retail trade Taiwan, Penghu, Kinmen and Matsu and repair activities. For individual is referred to as Chinese Taipei in economy's coverage refer to tables A61 the tables.Myanmar TRADE IN COMMERCIAL SERVICES Value Annual percentage change Million USS 2019 2010-2019 2018 2019 Commercial services exports 6 735 39 19 51 Commercial services imports 3 444 18 18 2 2019 2019 Share in world total exports (%) 0.11 Share in world total imports (%) 0.06 Breakdown in economy's total exports Breakdown in economy's total imports By main services item, % (2018) By main services item, % (2018) Transport: 8.5 Travel: 37.1 Transport: 45.7 Travel: 2.6 Other commercial services: 26.8 Goods-related services: 27.6 Other commercial services: 49.8 Goods-related services: 1.9 By main destination By main origin NO DATA AVAILABLE NO DATA AVAILABLE Value Annual percentage change FATS sales 2019 2010-2019 2018 2019 Inward (million US$) na na na ha Outward (million US$) na na na na Transport -Myanmar World Value Annual percentage change 300 Million USS 2018 2010-2018 2017 2018 200 Exports 379 12 41 125 Imports 1 542 17 12 100 Exports Value Share (%) Imports Value Share (%) By sea (201 202 53.2 By sea (2018) 1 470 95.3 2010 2013 2016 2019 By air (2018) 80 21.0 By air (2018) 48 3.1 Transport exports (Index 2010=100) By other (2018) 97 25.6 By other (2018) 14 0.9 Travel Myanmar World 3500 Value Annual percentage change 3000 Million USS 2018 2010-2018 2017 2018 2500 2000 Exports 1 652 48 -10 -16 1500 Imports 89 188 -16 1000 500 2010 2013 2016 2019 Travel exports (Index 2010=100) Other Commercial Services and Goods-related Services Exports of OCS by main item (2018) Million US$ Value Annual percentage change 2018 2010-2018 2017 2018 12.4 5.5 3.8 Other business Other commercial services services Exports 1 196 46 47 2 Construction Imports 1 678 27 41 13 ICTs 2018 2010-2018 2017 2018 78.4 Other Goods-related services Exports 1 232 47 6 172 Imports 63 na -75 INDUSTRIAL PROPERTY Patent applications Trademark applications, 2012 Industrial design applications Residents Non-residents Total Residents Non-residents Total Residents Non-residents Total na na na 4 422 4 068 8 490 na na na World Trade Organization - Trade Profiles 2020Introduction Trade Proles contain detailed information on merchandise trade flows, including top products traded by each economy, an expanded section on trade in commercial services, as well as statistics on intellectual property. The information, available for WTO members, observers, and other selected economies. is derived from multiple domains, such as customs statistics, national accounts, Balance of Payments statistics, Foreign AffiliaTes Statistics (FATS), and industrial property statistics. Data are sourced from WTO Secretariat and external sources and presented in standardized and visualized format for quick reference. I. The first section provides a snapshot of the importance of trade in the economy - the economy's ranking in world merchandise trade and trade in commercial services. II. The second section is dedicated to Merchandise Trade indicators (customs-based statistics) - information on total trade flows broken down by broad product category and major origins and destinations. This section provides statistics on top exported and imported agricultural and non- agricultural products at the HS 4-digit level according to the denitions of the WTO Agreement on Agriculture and WTO Non-Agricultural Market Access (MAMA products). III. The third section deals with Trade in Commercial Services - information on total trade flows (Balance of Payments based statistics) broken down by main service item and major origins and destinations. It also contains information on inward and outward FATS sales. This section provides detailed trade statistics for transport, including its breakdown by mode of transport, travel, other commercial services and goods- related services. W. The fourth and last section covers Ind ustrial Property Indicators - annual number of applications for patents, trademarks. and industrial designs in the name of residents and non-residents of the reporting economy. Myanmar Rank in world trade, 2019 Exports Imports Merchandise 73 81 excluding intra-EU trade 53 58 Commercial services 76 95 excluding intra-EU trade 51 69 MERCHANDISE TRADE Value Annual percentage change Million US$ 2019 2010-2019 2018 20 Merchandise exports, f.o.b. 18 110 9 20 Merchandise imports, c.i.f. 18 607 16 2019 Share in world total exports (%) 0.10 Share in world total imports (%) Breakdown in economy's total exports Breakdown in economy's total imports By main commodity group, % (2018) By main commodity group, % (2018) Agricultural products: 29.7 Fuels and mining products: 27.1 Agricultural products: 13.6 Fuels and mining products: 2 Manufactures: 43.1 Other: 0.1 Manufactures: 64.6 Other: 0.1 By main destination, % (2019) By main origin, % (2019) China: 31.7 Thailand: 17.9 China: 34.7 Singapore: 18.2 Thailand: 11.7 European Union: 15.5 Japan: 7.9 United States of America: 4.6 Other: 22.2 Malaysia: 5.1 Indonesia: 4.9 Other: 25.4 Agricultural Products Value Valu Top exported products (Million US$) 2019 Top imported products (Million US$) 20 H50713 Dried leguminous vegetables 912 HS1516 Animal or vegetable fats and oils HS1006 Rice 782 HS2106 Other food preparations H50803 Bananas, including plantains 397 HS1901 Malt extract HS1207 Other oil seeds, oleaginous fruits 248 HS1001 Wheat and meslin HS1005 Maize (corn) 237 HS2202 Waters containing added sugar Share in economy's trade in agricultural products Exports Imports 0% 20% 40% 10% 20% Value Annual percentage change Million USS 2019 2010-2019 2018 20 H50713 H51516 Exports 3 614 14 HS1006 H52106 Imports 2 236 22 -11 H50803 H51901 H51207 H51001 HS1005 H52202 Non-Agricultural Products Value Valu Top exported products (Million US$) 2019 Top imported products (Million US$) 20 HS2711 Petroleum gases 4 229 HS2710 Petroleum oils, other than crude 3 49 HS6203 Men's or boys' suits 1 296 HS5514 Woven fabrics, less 85%, big HS6204 Women's or girls' suits 1 090 HS3004 Medicaments in measured doses HS7403 Refined copper and copper alloys 804 HS8711 Motor-cycles H57103 Precious stones other than diamond 778 HS5407 Woven fabrics of synthetic filament Share in economy's trade in non-agricultural products Exports Imports 0% Value 40% 10% 20% 30% Annual percentage change 20% Million USS 2019 2010-2019 2018 20 HS2711 HS2710 Exports 14 38 10 28 H56203 HS5514 Imports 16 342 18 H56204 HS3004 H57403 HS8711 HS7103 HS5407 World Trade Organization - Trade ProfilesTechnical notes General Notes Ranks in world trade of fish and fish products) and a number of Minor discrepancies between merchandise and commercial manufactured agricultural products (for constituent figures and totals are services are defined first referring further information see "The Legal Texts, to European Union (EU) members as The Results of the Uruguay Round due to rounding. individual traders and second referring of Multilateral Negotiations", WTO). Annual average percentage to the EU as one trader (i.e. excluding This definition does not correspond to changes are calculated using a individual EU members). the definition of agricultural products geometric average. In case of data presented in the breakdown of unavailability for the year 2019, the Merchandise trade merchandise trade by main commodity average annual percentage change group (see above). 2010 - 2019 refers to 2010 - latest (customs-based Non-Agricultural Products, Top available year. statistics) exported products and Top Unless otherwise indicated, imported products (NAMA products) The share in world total exports (i) all value figures are expressed are the top five non-agricultural goods and imports of merchandise for in U.S. dollars; of an economy at the HS 4-digit level. individual economies is calculated using Non-agricultural goods refer to the (ii) trade figures include the world trade including intra-EU trade. For products not covered by the WTO intra-trade of free trade areas, the EU as one trading reporter the share Agreement on Agriculture. customs unions, geographical is calculated on the basis of world trade and other groups; excluding intra-EU trade. Trade in Commercial (iii) merchandise trade figures are Breakdown by main commodity on a customs basis; group according to the definitions Services (Balance (iv) merchandise exports are f.o.b. contained in the WTO World Trade of Payments based and merchandise imports Statistical Review 2020. are c.i.f. statistics) Agricultural products refer to food (v) European Union refers to the (SITC Rev. 3 sections 0, 1, 4 and Commercial services equal total latest member composition as of division 22) and raw materials (SITC services minus "government goods and 1 February 2020 (excluding the Rev. 3 divisions 21, 23, 24, 25 and 26). services, not included elsewhere". United Kingdom). It differs from the definition contained The share of commercial services Data for the latest year in the WTO Agreement on Agriculture in world total exports and in world are provisional. (AOA) (see below). total imports for individual economies The statistical data in this Fuels and mining products include is calculated using world trade including publication are supplied by and ores and other minerals; fuels and non- intra-EU trade. For the EU as one under the responsibility of the ferrous metals. trading reporter the share is calculated relevant statistical authorities. The Manufactures refer to iron and steel, on the basis of world trade excluding use of such data by the WTO is intra-EU trade. chemicals, other semi-manufactures, without prejudice to the status of machinery and transport equipment, The breakdown by main services or sovereignty over any territory, or textiles, clothing and other consumer item follows the definition of the 6th to the delimitation of international goods. Please note that due to the edition of the IMF Balance of Payments frontiers and boundaries. products not classified in the three main Manual (BPM6). Due to limitations in data availability, product groups, the sum of shares may not add up to a 100. Transport cover sea, air and other the data for "breakdown by main including land, internal waterway, commodity group", "breakdown Breakdown by main destination space and pipeline transport services by main destination and origin" and origin: EU members are grouped that are performed by residents of one and "top traded products" may as one trading partner. Re-imports are economy for those of another and that be less recent than data for total also included. involve the carriage of passengers, merchandise trade. Agricultural Products, Top the movement of goods (freight), Comments and enquiries on this exported products and Top rentals (charters) of carriers with crew, booklet should be addressed to imported products are the top five and related supporting and auxiliary statistics@wto.org traded agricultural goods of an economy services, including postal and courier Closing date: 14 August 2020. at the HS 4-digit level. According to the services. Please note that due to postal and courier services not classified in the definition of the WTO Agreement on breakdown by mode of transport, the Agriculture (AoA), agricultural goods refer to HS chapters 1 to 24 (excluding sum of shares may not add up to a 100
