This is Audit 3280, online quiz 11., there is about 15 choice question to answer. some question i had answer, and some question i left. plz, finish the question i left

Question 1 (1 point) The audit report date is important to users because it indicates the last day Question 1 options: of the fiscal period. on which the financial statements may be filed with the provincial securities commission. on which users may institute a lawsuit against either the client or auditor. of the auditor's responsibility for the review of significant events that occurred after the date of the financial statements. Save Question 2 (1 point) Under Canadian Auditing Standards, the introductory paragraph of the independent auditor's report indicates that the auditor has audited the balance sheet, the income statement, the cash flow, a summary of accounting policies and notes, and Question 2 options: the statements of retained earnings. the statement of changes in equity. management's discussion and analysis letter. the internal controls of the company. Save Question 3 (1 point) If the balance sheet of a company is dated December 31, 2015, the audit report is dated March 6, 2016, and both are released to the public on March 15, 2016, this indicates that the auditor has searched for material unrecorded transactions and events that occurred up to Question 3 options: December 31, 2015. March 6, 2016. March 15, 2016. December 31, 2016. Save Question 4 (1 point) The ASPE (Accounting Standards for Private Enterprises) financial reporting framework normally requires the auditor to report using the corresponding figures approach. This means that the auditor reports on Question 4 options: the current year's financial statements. both periods under audit: the current and prior year. three years: the current and prior year, and the effects of the prior year. only the ending balances of the general ledger accounts. Save Question 5 (1 point) It is management's responsibility to select the accounting policies that are used in the preparation of the financial statements. What is the auditor's responsibility with respect to these accounting policies? Question 5 options: approve the accounting policies that are used, so that an opinion can be stated on the fairness of the financial statements evaluate the appropriateness of the accounting policies that are used and of the associated estimates made tell management which accounting policies should be selected so that accurate estimates can be made fo year-end adjustments recalculate the estimates that are used for the accounting policies (such as bad debt allowance and warranty expenses) Save Question 6 (1 point) The most common type of audit report contains Question 6 options: an adverse opinion. a disclaimer of opinion. a qualified opinion. an unqualified opinion. Save Question 7 (1 point) In the scope paragraph of the audit report, the use of the term "reasonable assurance" is intended to indicate that Question 7 options: no misstatements exist in the financial statements. no material misstatements exist in the statements. there is some possibility that material misstatements still exist in the financial statements. there is a possibility that immaterial misstatements still exist in the financial statements. Save Question 8 (1 point) The scope paragraph of the standard unqualified audit report in the auditor responsibility section states that the audit is designed to Question 8 options: discover all errors and/or irregularities. discover material errors and/or irregularities. obtain reasonable assurance of whether the statements are free of material misstatement. conform to a generally accepted financial reporting framework. Save Question 9 (1 point) Double dating a report is done when Question 9 options: the parent company and its subsidiaries have different year-ends. the auditor finishes his work later than planned. a material event occurs after the date of the auditor's report and affects the period that was audited. a material event occurs after the date of the auditor's report and before the date the report is issued. Save Question 10 (1 point) Whenever the client imposes restrictions on the scope of the audit, the auditor should be concerned about the possibility that management is trying to prevent discovery of misstated information. In such cases, which type of report should be issued? Question 10 options: a disclaimer of opinion in all cases a qualification of both scope and opinion in all cases a disclaimer of opinion whenever materiality is in question a qualification of both scope and opinion whenever materiality is in question Save Question 11 (1 point) The independent auditor's opinion explains how much evidence the auditor collects during the independent audit. How much evidence is collected? Question 11 options: sufficient and appropriate evidence to provide a basis for the audit opinion sufficient evidence to state that there are no material errors in the financial statements appropriate evidence to be able to evaluate the exact accuracy of the accounting estimates sufficient and appropriate evidence to conclude the financial statements present a true and fair view of the economic events of the organization Save Question 12 (1 point) The appropriate date for the audit report for a public company is the date on which the Question 12 options: client's fiscal year ended. auditor and client entered into a contract. board of directors approved the financial statements. auditor prepares and delivers the report to the client. Save Question 13 (1 point) A review engagement includes Question 13 options: obtaining an understanding of the internal controls. tests of controls or transactions. inquiry, analytical procedures, and discussion. independent confirmation or physical examination. Save Question 14 (1 point) The fact that a client has a material accounting departure for failure to follow ASPE would require the accountant to disclose that fact in a separate reservation paragraph when the accountant is performing Question 14 options: a compilation. a review and an audit. either a compilation or a review. neither a compilation nor a review, only an audit. Save Question 15 (1 point) Richard is performing a compilation engagement. Richard is concerned that the information is Question 15 options: arithmetically correct. accurate. complete. in accordance with ASPE. Save Question 16 (1 point) What is the title of a compilation report? Question 16 options: Opinion Criteria Schedule Engagement Report Notice to Reader Save Question 17 (1 point) Which of the following procedures would most likely be conducted by an accountant during a compilation engagement? Question 17 options: Enquire of management with respect to the purpose of new capital assets. Compare gross profit on a year-by-year basis over the last five years. Circularize negative accounts receivable confirmations. Assemble and recalculate the financial statement allocations. Save Question 18 (1 point) Before performing a review of an entity's financial statements, an accountant should Question 18 options: complete a series of inquiries concerning the entity's procedures for recording, classifying, and summarizing transactions. apply analytical procedures to provide limited assurance that no material modifications should be made to the financial statements. obtain a sufficient level of knowledge of the accounting principles and practices of the industry in which the entity operates. inquire whether management has omitted substantially all of the disclosures required by generally accepted accounting principles. Save Question 19 (1 point) When conducting a review engagement, how is materiality calculated? Question 19 options: materiality is not calculated as a lower level of assurance is being provided the concept of significance is used, rather than the concept of materiality always as a percentage of net income before income taxes in the same manner as an audit engagement Save Question 20 (1 point) Which of the following is a professional standard that must be followed by an accountant when conducting a compilation engagement? Question 20 options: work being adequately planned and properly executed having adequate technical training and proficiency in auditing obtaining an adequate understanding of the business and its industry documenting the processes used to compile and record transactions Save Question 21 (1 point) A compilation presents information, in the form of financial statements, that is the representation of management. The public accountant who prepares the compilation undertakes to express Question 21 options: limited assurance on the statements. minimal assurance on the statements. no assurance on the statements. full assurance on the statements. Save Question 22 (1 point) Which of the following would be required in a compilation? Question 22 options: an understanding between the client and the accountant for the services to be provided a formal engagement letter signed by the client management's acknowledgements for its responsibility with regards to the financial statements a confirmation of the auditor's independence Save Question 23 (1 point) As part of the conduct of a review engagement, which of the following would be a typical procedure used for the assessment of the ending accounts receivable balance? Question 23 options: circularization of positive confirmations to all balances exceeding materiality comparison of the age of the accounts receivable to the prior year use of negative confirmations on all large balances detailed examination of all accounts over 120 days to assess the bad debt allowance Save Question 24 (1 point) Which of the following engagements would most likely be a compilation engagement? Question 24 options: An engagement with respect to financial statements attached to a personal tax return. An engagement with respect to financial statements for a large public company. An engagement with respect to financial statements for a company that has a large bank loan. An engagement with respect to financial statements that accompany future-oriented information to obtain financing. Save Question 25 (1 point) When is negative assurance used during a review engagement? Question 25 options: when the standards applicable to a review engagement have been met if a qualification is required during the review engagement when the criteria associated with a review engagement have not been satisfied when the practitioner is unable to set appropriate criteria for the review engagement Save Question 26 (1 point) As part of the conduct of a review engagement, which of the following procedures would be appropriate for assessing the ending value of accounts payable? Question 26 options: sending zero-balance confirmations to frequently used suppliers use of negative confirmations to suppliers with material balances comparison of the accounts payable balances by supplier to the prior year examination of invoices received after the year-end to ensure that they were recorded in the proper period Save Question 27 (1 point) Why is it important for the review engagement report to state that the review is not an audit? Question 27 options: to make sure that the public accountant is not sued to clarify that only review engagement procedures were used during the engagement to make users aware that a review provides a lower level of assurance so that the user does not ask any unnecessary questions about the engagement Save Question 28 (1 point) When assessing the plausibility of the financial statements for a review engagement, the auditor will use which of the following criteria for auditing a small, privately held company? Question 28 options: standards of efficiency and effectiveness the audit objectives associated with the audit of financial statements an acceptable reporting framework such as ASPE an enterprise risk-management framework to help detect fraud Save Question 29 (1 point) Which of the following items includes criteria for accepting a compilation engagement? Question 29 options: evaluation of whether the financial statements are in accordance with ASPE no reason to believe that the financial statements are false or misleading completion of an independence threat analysis, ensuring that there are no threats to independence completion of a client risk analysis with the conclusion that risks are low Save Question 30 (1 point) The level of assurance that is provided by the public accountant on a compilation report is Question 30 options: none. low. medium. high