bajo auditoria preguntas 2.0 - Read-Only A Last Modified: 13m ago ces Mailings Review View Help Paragraph 9 SAMUEL GA Normal No Spacing Heading 1 Editing Styles Ten (10) independent situations are included for which you must indicate the appropriate audit report type: a) Indicate the condition (whether change in accounting principle, non-compliance with GAAP, none, reports involving other auditors, or the scope of the audit has been restricted. b) Indicate the type of opinion in the audit report. (See listing below for your reference) c) In the comments column, describe the situation why you conclude that type of opinion, whether materiality, using an accounting method that is not GAAP, etc. d) The listings are for your reference. You can repeat if necessary or include an option that is not included. Condition No disclosure in financial statements Client imposed scope limitation Scope limitation, alternative procedure Departure from GAAP Change in estimate Other auditors responsibility. Loss contingency Subsequent events Accounting principles not consistently applied. Correction of material misstatement in previously issued F/S Emphasis of a matter Uncertainties-going concer CAccessibility: Good to go Foca 76F abajo auditoria preguntas 2.0 - Read-Only Last Modified: 13m ago v . ences Mailings Review View Help Normal No Spacing Heading 1 21 T Paragraph Emphasis of a matter Uncertainties-going concern Type of Opinion Styles Unqualified-standard opinion Unqualified with emphasis paragraph Unqualified with additional information in opinion and responsibility Unqualified with additional related information Qualified Adverse Disclaimer Accessibility: Good to go # da trabajo auditoria preguntas 2.0 Read-Only Last Modified: 14m ago References Mailings Review View Help Paragraph SAMUEL GARCIA-VIL Normal No Spacing Heading 1 Editing Styles Events Example: A company has not followed generally accepted accounting principles in recording its investments. Condition: Deviation from GAAP-The degree of materiality and whether it is pervasive to the financial statements or notes is not indicated. Type of Opinion and Modification: Qualified or Adverse Comments: It depends on the degree of materiality. The degree of materiality or whether it is pervasive to the financial statements or notes is not indicated. 1. When auditing the long-term investment account of a new client, the auditor finds that there is a large contingent liability that is important to the consolidated company. This contingent liability is likely to be resolved with a material loss in the future, and this amount is reasonably estimable at $2,000,000. Although no adjustment entry has been made, the client has provided a note to the financial statements describing the matter in detail and including the estimate of $2,000,000 in that note. Condition: Type of opinion and modification: Comments: 2. On January 2, 2021, Fredom Company received notice from its major supplier that, effective immediately, all wholesale prices will increase by 10 percent. Based on the notice, Fredom Company revalued its December 31, 2020 inventory to reflect the higher costs. Inventory constituted a significant proportion of total assets; However, the effect of revaluation was significant for current assets, but not for total assets or net income. The increase in valuation is appropriately indicated in the footnotes Accessibility: Good to go SPIC Voice Focus 76F auditoria preguntas 2.0 Read-Only Last Modified: 14m ago Mailings Review View Help Paragraph SAMUER Normal No Spacing Heading 1 Editing Styles 3. As part of its post-period date audit procedures, after the financial statement date, the auditor learned that a recent fire caused serious damage to one of a client's two plants. The loss will not be reimbursed by insurance. Newspapers described the event in detail. The financial statements and notes prepared by the client did not disclose the losses caused by the fire. Condition: Type of opinion and modification: Comments: 4. A company valued its inventory at current replacement cost. Although the auditor believes that inventory costs approximate replacement costs, these costs do not approximate any GAAP inventory valuation method. Accessibility: Good to go Condition: Type of opinion and modification: h 121 76 es Mailings Review View Help 98533 SAN Normal No Spacing Heading Editin . Paragraph Styles 1. 5. A customer changed its depreciation method for production equipment from straight line to a units of production method based on hours of use. The auditor does not agree with the change. Condition: Type of opinion and modification: Comments: 6. A public accountant is engaged in auditing the financial statements of a large manufacturing company with branches in many widely separated cities. The CPA was unable to account for the substantial undeposited cash receipts at the close of business on the last day of the fiscal year at all branches. As an alternative to this audit procedure used to verify the exact cut-off of cash receipts, the CPA observed that deposits in transit, as indicated on the year-end bank reconciliation, appeared as credits on the bank statement on the first day business of the new year. You are satisfied with the cash income limit by using the alternative procedure. Condition: Type of opinion and modification: Comments: 7. A client is issuing 2 years of comparative financial statements. The first year it was audited by another auditor who is not asked to reissue his audit report. (Response to successor auditor's report). Condition: Type of opinion and modification: Accessibility: Good to go 76 < Paragraph Normal No Spacing Heading 1 Editing Styles Voic 12 8. A client changed the depreciable life of certain assets from 10 to 12 years. The auditor does not agree with the change. Limited to fixed assets and accumulated depreciation, the misstatements involved are not considered widespread. Condition: Type of opinion and modification: Comments: 9. An auditor reporting on the group financial statements decides not to assume responsibility for the work of a component auditor who audited a 70% owned subsidiary and issued un unqualified opinion. The total assets and income of the subsidiary are 5% and 8%, respectively, of the total assets and income of the audited entity. Condition: Type of opinion and modification: Comments: Accessibility: Good to go Focus 76F Uditona preguntas 2.0 - Read-Only Last Modified: 14m ago 99 SAMUEL GAR es Mailings Review View Help -24 Paragraph Normal No Spacing Heading 1 Editing Styles Comments: 9. An auditor reporting on the group financial statements decides not to assume responsibility for the work of a component auditor who audited a 70% owned subsidiary and issued an unqualified opinion. The total assets and income of the subsidiary are 5% and 8%, respectively, of the total assets and income of the audited entity. Condition: Type of opinion and modification: Comments: 10. An auditor discovered that a client made illegal political bribes to a Puerto Rico gubernatorial candidate. The auditor was unable to determine that the amounts associated with the payments due to the client's inadequate record retention policies, although there is no likelihood that the financial statements are misstated, may be materially misstated. The client refuses to disclose the payments in a note to the financial statements. Condition: Type of opinion and modification: Comments: Accessibility: Good to go EPIC Focus 76F Voi