16. When reporting critical audit matters (CAMs), auditors are supposed to do all of the following except:
    1. Describe any identified misstatements related to the CAM.
    2. Identify the CAM.
    3. Describe why the issue is a CAM.
    4. Describe how the CAM was addressed in the audit.

17. Subsequent events for which the auditor has a responsibility to actively search are defined as events that occur subsequent to the:
    1. date of the auditor's report.
    2. balance sheet date.
    3. date of the auditor's report and concern contingencies that are not reflected in the financial statements.
    4. balance sheet date but prior to the issuance of the financial statements.

18. An auditor was unable to obtain audited financial statements or other evidence supporting an entity's material investment in a large foreign subsidiary. Between which of the following reports should the auditor choose?
    1. Adverse and unqualified with an explanatory/emphasis-of-matter paragraph added.
    2. Qualified and disclaimer.
    3. Qualified and adverse.
    4. Disclaimer and unqualified with an explanatory/emphasis-of-matter paragraph added.

19. A violation of the profession's ethical standards would most likely have occurred when a CPA: made arrangements with a bank to collect notes issued by a client in payment of fees due. purchased a bookkeeping firm's practice of monthly write-ups for a percentage of fees received over a three-year period. issued an unqualified opinion on the 20X2 financial statements when fees for the 20X1 audit were unpaid.named Smith formed a partnership with two other CPAs and used "Smith & Co." as the firm name.

20. Which of the following auditing procedures is ordinarily performed last?
    1. Testing the purchasing function.
    2. Obtaining a management representation letter.
    3. Reading the minutes of directors' meetings for evidence of authorization of acquisition of fixed assets.
    4. Confirming accounts payable.