Significant Findings Are to Be Documented by the Auditor,including Actions

question 74

Multiple Choice

Significant findings are to be documented by the auditor,including actions taken to address them and the basis for the final conclusion reached.Findings that might be significant include

• A)accounting for complex or unusual assertions or accounting predictions
• B)results of audit procedures indicating that the financial statements or disclosure are not misstated or the need for an auditor to revise his previous assessment of the risk of misstatement
• C)circumstances that made it relatively easy for the auditor to apply auditing procedures
• D)findings that could result in modifications to the auditor's report
• E)adjustments that the auditor has proposed to the financial statements
• F)both A and C
• G)both B and D
• H)Both D and E

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Definitions:

Mental Disabilities

A range of conditions that affect mood, thinking, and behavior, which may impact day-to-day functioning and social interaction.

Health Problems

Issues or conditions that negatively impact an individual's physical or mental wellbeing.

Racial-Ethnic Families

Family units formed by individuals of different racial or ethnic backgrounds, focusing on their cultural practices, heritage, and lineage.

Economic Recessions

Periods of temporary economic decline during which trade and industrial activity are reduced, generally identified by a fall in GDP in two successive quarters.