Question
If the auditor is auditing a public company in the United States and must report on internal controls over financial reporting (ICFR), the identification of
If the auditor is auditing a public company in the United States and must report on internal controls over financial reporting (ICFR), the identification of one or more material weaknesses _______.
| A. | will result in the auditor issuing a disclaimer of opinion on the financial statements and the CFO/CEO will probably go to jail | |
| B. | will result in an unmodified opinion on ICFR | |
| C. | will result in the auditor issuing an adverse opinion on the financial statements and the CFO/CEO will probably go to jail | |
| D. | will result in an adverse opinion on ICFR |
_______ are controls that do not rely on the client's information technology (IT) environment for their operation.
| A. | Automated controls | |
| B. | Manual controls | |
| C. | Computer application controls | |
| D. | IT general controls (ITGCs) |
If the auditor determines that an internal control deficiency is either a significant deficiency or a control deficiency, the auditor will issue a/an _______ on internal controls over financial reporting (ICFR)
| A. | unqualified opinion | |
| B. | modified opinion | |
| C. | unmodified opinion | |
| D. | adverse opinion |
Step by Step Solution
There are 3 Steps involved in it
Step: 1
Get Instant Access with AI-Powered Solutions
See step-by-step solutions with expert insights and AI powered tools for academic success
Step: 2
Step: 3
Ace Your Homework with AI
Get the answers you need in no time with our AI-driven, step-by-step assistance
Get Started
Personal Finance Building Your Future
Authors: Robert B. Walker, Kristy P. Walker
1st edition
9780077861728, 978-0073530659
