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- When reporting under GAAS, certain statements are required in all auditors’ reports(“explicit”) and others are required only under certain conditions (“implicit”). Which combination that follows correctly describes the auditors’ responsibilities for reporting?LO 12-1(a) (b) (c) (d)1. GAAP Explicit Explicit Implicit Implicit2. Consistency Implicit Explicit Explicit Implicit3. Going concern Implicit Implicit Explicit Explicit4. Opinion Explicit Explicit Implicit ImplicitINSTRUCTIONS: Choose the word or phrase in [] that will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement, The scope of coverage under Section I is greatest with an [HO-1|HO-5]policy. Question 98 INSTRUCTIONS: Choose the word or phrase in [] which will correctly complete the statement. Select A for the first item, B for the second item, and C if neither item will correctly complete the statement. Auto lease terms typically run [2 to 4 years | 12 to 36 months].For each situation (1-5), identify the most applicable AICPA rule of conduct and whether there is a violation or no violation of the rule (A-F). One or more letters may not be used. A. Independence Rule; no violation B. Independence Rule violation C. Integrity and Objectivity Rule; no violation D. Integrity and Objectivity Rule; violation E. Accounting Principles Rule; no violation F. Accounting Principles Rule; violation 1. Sterling Stevens, CPA, was auditing Global Services Company. Global Services used an accounting principle that was not in conformity with GAAP. Nevertheless, Stevens rendered a standard unqualified audit report. 2. Christina Hall, CPA, provided expert testimony for a plaintiff. The defendant in the case was a client of Hall's. 3. Sam Miller, CPA, owned 100 shares of Johnson Drilling, Incorporated, his audit client. 4. Dewey Wise, CPA, obtained a loan from an insurance company using the cash value of the insurance policy as collateral. The loan is for less money…
- CHOICES A. Only Statement I is correctB. Only Statement II is falseC. Statements II and III are falseD. Only Statement III is falseE. All statements are correctQuestion 1 For each of the following scenarios, indicate whether in your opinion it is a violation of the HKICPA Code of Ethics. Specifically, for each scenario, choose one of the following options: (1) not likely to be a violation; (2) likely to be aviolation; or (3)clearly a violation. For each scenario, clearly explain your reasoning. 1.→Tong and Tong CPAS recently completed the audit of the Michaels Corporation and- issued an unqualified opinion on the financial statements. Subsequent to the issuance of the financial statem ents and auditor'sreport, the Securities and Futures Commission: (SFC) initiated an investigation into possible illegal acts engaged in by Michaels Corporation, andhas requesteda copy of all the auditing documentation prepared by: Tong and Tong. Michaels Corporation has contacted Tong and Tong and threatenedto: take legal action against the audit firm if the auditors provide the auditing documentation to the SFC. Michaelsmaintains that the information is…An accountant's judgments for each of the 5 steps in ASC 606 may be impacted by Covid-19. Question 15 options: True False
- True or False: Write T if the statement is correct. If it is not, write F and state the reason briefly. (Please answer subpart 13-15)S1: The phrase “PFRS or PFRS for SMEs” can be found in the opinion paragraph of a standard unqualified report. S2: Emphasis of Matter paragraph and Other Matter paragraphs result to modifications of auditor’s report and, therefore, the auditor’s opinion.a. Only S1 is true.b. Only S2 is true.c. Both S1 and S2 are true.d. Both S1 and S2 are false.14. Which of the following is NOT a regulatory authority or a professional body for auditors? a. IAS b. IAASB c. IFAC d. ACCA
- A. Read each sentence carefully and determine whether the statement is true or false. (Please refer to the picture.)8 S1: If the engagement is revised from an audit to agreed-upon procedures, the new engagement should not mention the original engagement. S2: Compliance audits are used to determine adherence to rules and regulations set by higher authority. Group of answer choices Both S1 and S2 are incorrect. Only S1 is correct. Both S1 and S2 are correct. Only S2 is correct.The phrase “except for the possible effects of the matter described…” appears in an audit report. This could be what type of opinion? a. Qualified Adverse Disclaimer Yes Yes No b. Qualified Adverse Disclaimer Yes No No c. Qualified Adverse Disclaimer No No Yes d. Qualified Adverse Disclaimer No Yes No e. Qualified Adverse Disclaimer Yes Yes Yes
