Which of the following issues should not be included in audit reports in Kuwait as emphasis of the matter:

Select one:

a. A fire in warehouse cause a major damage two week after balance sheet date

b. A change from LIFO to FIFO inventory valuation

c. A change from FIFO to LIFO inventory valuation

d. There is a substantial doubt about going concern

When there is a material scope limitation, the best audit opinion option is disclaimer.

Select one:

True

False

Which of the following attributes most clearly differentiates a CPA who audits management's financial statements as contrasted to management?

Select one:

a. Competence

b. Keeping informed on current professional developments

c. Integrity

d. Independence

hich of the following is most likely to be unique to the audit work of CPAs as compared to work performed by practitioners of other professions?

Select one:

a. Due professional care

b. Competence

c. Complex body of knowledge

d. Independence

Passage of the Sarbanes-Oxley Act led to the establishment of the:

Select one:

a. Securities and Exchange Commission

b. Accounting Enforcement Releases Board.

c. Auditing Standards Board.

d. Public Company Accounting Oversight Board

The risk that financial statements are misstated is referred to as:

Select one:

a. Inherent risk.

b. Financial statement risk.

c. Relative risk.

d. Information risk.