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    Tutorial (3) : Question (1) : Mcqs

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    youssefasaad
    This document contains an audit report prepared by Youssef and Omar for Goory Corporation for the year ended December 31, 2018. The report is deficient in several ways: it lists the wrong company and year, does not specify the financial statements audited, seeks absolute rather than reasonable assurance, and is missing other typical elements of an audit report such as the scope and opinion paragraphs. The document tests the reader on audit report elements and standards through multiple choice and true/false questions.

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    Tutorial (3) : Question (1) : Mcqs

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    youssefasaad
    37 views2 pages
    This document contains an audit report prepared by Youssef and Omar for Goory Corporation for the year ended December 31, 2018. The report is deficient in several ways: it lists the wrong company and year, does not specify the financial statements audited, seeks absolute rather than reasonable assurance, and is missing other typical elements of an audit report such as the scope and opinion paragraphs. The document tests the reader on audit report elements and standards through multiple choice and true/false questions.

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    This document contains an audit report prepared by Youssef and Omar for Goory Corporation for the year ended December 31, 2018. The report is deficient in several ways: it lists the wrong company and year, does not specify the financial statements audited, seeks absolute rather than reasonable assurance, and is missing other typical elements of an audit report such as the scope and opinion paragraphs. The document tests the reader on audit report elements and standards through multiple choice and true/false questions.

    Copyright:

    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    37 views2 pages

    Tutorial (3) : Question (1) : Mcqs

    Uploaded by

    youssefasaad
    This document contains an audit report prepared by Youssef and Omar for Goory Corporation for the year ended December 31, 2018. The report is deficient in several ways: it lists the wrong company and year, does not specify the financial statements audited, seeks absolute rather than reasonable assurance, and is missing other typical elements of an audit report such as the scope and opinion paragraphs. The document tests the reader on audit report elements and standards through multiple choice and true/false questions.

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    © All Rights Reserved
    Download as DOC, PDF, TXT or read online from Scribd
    Download as doc, pdf, or txt
    of 2

    Accounting and Financial Control Department Auditing W 2019

    Tutorial (3)

    Question (1): MCQs

    1) The following are categories of audit reports except:


    a. Standard Unqualified
    b. Qualified
    c. Adverse
    d. All of these are categories of audit reports

    2) The audit report should be dated:


    a. The date on which the auditor completed the auditing procedures in the field
    b. The last day of the calendar year
    c. The last day of the fiscal year
    d. None of the above

    3) Auditing standards require that the audit report must be titled and that the title must:
    a. include the word “independent.”
    b. indicate if the auditor is a CPA.
    c. indicate if the auditor is a proprietorship, partnership, or incorporated.
    d. not include any discriminatory language.

    4) The basic elements of the auditor's standard report include all of the following
    except:
    a. A title that includes the word 'independent'.
    b. A statement that the financial report is the responsibility of the company's
    management
    c. A statement that auditor has followed GAAP while conducting his audit.
    d. None of the above

    5) Which of the following is not an essential condition for issuing the standard uard
    unqualified audit opinion?
    a. All statements are included in the financial statements.
    b. The general standards have been followed in all respects.
    c. The financial statements are prepared in accordance with regulatory principles.
    d. Sufficient appropriate audit evidence has been accumulated.

    6) The scope paragraph of the standard unqualified audit report states that the audit is
    designed to:
    a. discover all errors and/or irregularities.
    b. discover material errors and/or irregularities.
    c. conform to generally accepted accounting principles.
    d. obtain reasonable assurance whether the statements are free of material misstatement.

    1
    Accounting and Financial Control Department Auditing W 2019

    Question (2): T/F

    1. The phrase “auditing standards generally accepted” can be found in the


    introductory paragraph of a standard, unqualified audit report .

    a. True
    b. False
    2. The phrase “generally accepted accounting principles” can be found in the
    opinion paragraph of a standard unqualified report.

    a. True
    b. False

    Question (3): Audit Report Correction


    An audit report prepared by Youssef and Omar ( CPAs in PWC), is provided below. The audit
    for the year ended December 31, 2018 was completed on March 1, 2019, and the report was
    issued to Goory Corporation, a private company, on March 13, 2019. List any deficiencies in
    this report.

    REPORT TITLE
    To Mr. Mohamed Kareem, the General Manager,
    We have audited the accompanying financial statements of Dalton Corporation as of December 31, 2017.
    It is our reasonability to prepare these financial statements, and also our responsibility is to express an
    opinion on these statements based on our audit. LIST THE FINANCIAL STATEMENTS
    We conducted our audit in accordance with generally accepted accounting principles.

    Those standards require that we plan and perform the audit to obtain absolute assurance about whether the
    financial statements are free of (MATERIAL )misstatement. An audit includes examining, on a test basis,
    evidence supporting the amounts and disclosures in the financial statements .An audit also includes
    assessing the accounting principles used and the significant estimates made by the management, as well
    as evaluating the overall financial statement presentation. We believe that our audit provides a reasonable
    basis for our opinion.

    In our opinion, the financial statements referred to above present accurately in all material respect the
    financial position of Javlin Corporation as of December 31, 2017, and the result of their operations and
    their cash flows for the year then ended, in conformity with accounting principles generally accepted.

    Youssed and Omar, CPAs ( Audit Firm Name)


    March 13, 2019

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