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

question 35

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 transactions or accounting estimates or uncertainties
• B)results of audit procedures indicating that the financial statements or disclosure could be materially misstated or the need for an auditor to revise his previous assessment of the risk of material misstatement
• C)circumstances that made it relatively easy for the auditor to apply auditing procedures
• D)findings that could result in modifications to management's report
• E)adjustments that the auditor has made to the financial statements
• F)both A and B
• G)both C and D

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Definitions:

Tax Deductible

Expenses that can be subtracted from one's gross income, reducing taxable income and the amount of tax owed.

Hand Gestures

Movements of the hands and arms used to convey ideas or messages, often accompanying speech or as a form of non-verbal communication.

Positive Attitude

An outlook that focuses on the good in situations or expectations of positive outcomes.

Frequent Use

Regular engagement or application of a service, product, or facility.