PLEASE ANSWER THE FOLLOWING QUESTIONS IN DETAIL

1. What is the duty of the auditor after the issuance of the financial statements?

2. Under what circumstances can an additional paragraph be issued in an unqualified opinion? Where is this additional paragraph presented in the auditors report?

3. When there is a group audit with a shared responsibility or when an auditor relies on the work of another auditor, what reference is contained in the audit report and which paragraphs contain the reference?

4. Is it possible for the auditor to issue two different opinions in the same year on the same financial statements? If yes, give an example?

5. What must be done by the auditor if internal controls are found to be ineffective?

6. What are the opinions that can be issued by the auditor on the internal control report?

7. List 10 terms that can be used when performing substantive tests, ex. Trace, review, etc.

8. Give 2 examples of substantives tests for each of the following: Inventory, A/R, A/P and cash.

9. What type of audit procedures are performed by an auditor? Why are they performed?

10. Why are auditors required to retain audit documentation?

11. What are audit working papers? Who owns these documents? These papers must be kept confidential. Can they ever be released to other parties?

12. How long is the auditor required by the PCAOB to retain the audit working papers of public companies? Of private companies?

13. What is required of an auditor for the various subsequent events?

14. What two criteria must be met for the financial statements to be adjusted for a subsequent event?

15. What is the auditors responsibility after the end of field work but before the financial statements have been issued? After the financial statements have been issued?

16. What reports are filed with the SEC by public companies? Under what circumstances are they filed?