8. The PFRSS apply to which of the following? a. A management's review of the entity's financial performance during the period vis-à-vis its targets for that period contained in the entity's annual report, which also includes the entity's financial statements. b. Schedules, reconciliations and returns required by the. Bureau of Internal Revenue (BIR) to be filed together with the financial statements. C. Environmental reports required by the Department of Environment and Natural Resources (DENR) that are included in the entity's annual report. 146 d. Explanatory material and other information that a disclosed in the notes to the financial statements.

8. The PFRSS apply to which of the following? a. A management's review of the entity's financial performance during the period vis-à-vis its targets for that period contained in the entity's annual report, which also includes the entity's financial statements. b. Schedules, reconciliations and returns required by the. Bureau of Internal Revenue (BIR) to be filed together with the financial statements. C. Environmental reports required by the Department of Environment and Natural Resources (DENR) that are included in the entity's annual report. 146 d. Explanatory material and other information that a disclosed in the notes to the financial statements.

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter17: Other Services Provided By Audit Firms

Section: Chapter Questions

Problem 21MCQ

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1. Explain the purpose of operational accountability and the purpose of fiscal accountability. Which category of financial statements is most useful in reporting on each of these accountability concepts? 2. Under GASB guidance, when should an item be recognized on the face of the financial statements? Under what conditions would the GASB indicate that a note disclosure should accompany an item that has been recognized on the financial statements?
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Which of the following audit objectives is to validate the assertion of occurrence? * A. All recorded investments on the statement of financial position exist B. All recorded income from investments has accrued to the entity at the reporting date C. All investments owned by the entity at the reporting date are included on the statement of financial position and all income accruing from investments has been recorded D. Investments are included on the statement of financial position at appropriate amounts
Which of the following audit objectives is to validate the assertion of classification? * A. Investment income is included on the statement of comprehensive income at the appropriate amount B. Income statement related items are appropriately recorded in the proper accounts in the statement of comprehensive income C. The entity owns, or has a legal right to the investments included on the statement of financial position D. Investments and related investment income accounts are properly classified described and disclosed in the financial statements, including notes, in accordance with the applicable PFRS
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