P REVIEW QUESTIONS R15-1 Why does the standard unmodified report on the financial statements of a private company contain paragraphs outlining (1) management's responsibility for the financial statements and (2) the auditor's responsibility for the financial statements? What is contained in these paragraphs ? LO1 i ance of the date on the auditor's report on the financial statements? LO1 R15-3 In what circumstances is an auditor required or allowed to include an emphasis of matter paragraph in the audit report on the financial statements? LO2 15+ Explain the term consistency in the context of financial statements. Provide examples of situations that affect consistency of financial statements. LO2 R15-5. by paragraph, how the standard audit report on the financial statements would be modified if reference is made to component auditor? LO3 O DIS C tation of scope and a departure from the financial reporting framework. Provide an example of each. LO4 consider to be more serious - a client imposed scope limitation or a situation imposed scope limitation? Provide h ome or each to support your answer. LO4 U RGERD tveega subsequent event and a subsequently discovered fact. What is the auditor's responsibility for each? (LO5) RE S hould the auditor evaluate when deciding whether to dual date the audit report on the financial statements for a subsequently discovered fact? LO5 R15-10 List and briefly explain the components of the unqualified report on the effectiveness of ICFR. LO6 R15-11 What factors do auditors consider when determining if an identified control deficiency is a significant deficiency or a material weakness? LO6 R15.1.xplain how the standard unqualified coperto the effectiveness of ICFR would be modified for an adverse opinion. L06 R15-13 Compare and contrast a compilation engagement and review engagement. LO7 B ANALYSIS PROBLEMS P REVIEW QUESTIONS R15-1 Why does the standard unmodified report on the financial statements of a private company contain paragraphs outlining (1) management's responsibility for the financial statements and (2) the auditor's responsibility for the financial statements? What is contained in these paragraphs ? LO1 i ance of the date on the auditor's report on the financial statements? LO1 R15-3 In what circumstances is an auditor required or allowed to include an emphasis of matter paragraph in the audit report on the financial statements? LO2 15+ Explain the term consistency in the context of financial statements. Provide examples of situations that affect consistency of financial statements. LO2 R15-5. by paragraph, how the standard audit report on the financial statements would be modified if reference is made to component auditor? LO3 O DIS C tation of scope and a departure from the financial reporting framework. Provide an example of each. LO4 consider to be more serious - a client imposed scope limitation or a situation imposed scope limitation? Provide h ome or each to support your answer. LO4 U RGERD tveega subsequent event and a subsequently discovered fact. What is the auditor's responsibility for each? (LO5) RE S hould the auditor evaluate when deciding whether to dual date the audit report on the financial statements for a subsequently discovered fact? LO5 R15-10 List and briefly explain the components of the unqualified report on the effectiveness of ICFR. LO6 R15-11 What factors do auditors consider when determining if an identified control deficiency is a significant deficiency or a material weakness? LO6 R15.1.xplain how the standard unqualified coperto the effectiveness of ICFR would be modified for an adverse opinion. L06 R15-13 Compare and contrast a compilation engagement and review engagement. LO7 B ANALYSIS PROBLEMS