Knowee
Questions
Features
Study Tools

After issuing a report, an auditor has no obligation to make continuing inquiries or perform other procedures concerning audited financial statements, unlessSelect one:a.The control environment changes after issuance of the report.b.Information, which existed at the report date and may affect the report, comes to the auditor's attention.c.Final determinations or resolutions are made of contingencies that had been disclosed in the financial statementsd.Information about an event that occurred after the end of field work comes to the auditor's attention.

Question

After issuing a report, an auditor has no obligation to make continuing inquiries or perform other procedures concerning audited financial statements, unlessSelect one:a.The control environment changes after issuance of the report.b.Information, which existed at the report date and may affect the report, comes to the auditor's attention.c.Final determinations or resolutions are made of contingencies that had been disclosed in the financial statementsd.Information about an event that occurred after the end of field work comes to the auditor's attention.

...expand
🧐 Not the exact question you are looking for?Go ask a question

Solution

The correct answer is b. Information, which existed at the report date and may affect the report, comes to the auditor's attention.

This is because, once the auditor's report has been issued, the auditor's responsibility for the financial statements is generally considered to be finished. However, if the auditor becomes aware of information that existed at the report date and may affect the report, they have a responsibility to investigate this information and, if necessary, revise their report. This is in accordance with the auditing standards which require auditors to consider adjusting their reports if they become aware of subsequent events that would have affected their report had they been

This problem has been solved

Similar Questions

When the audited financial statements are included in other documents subsequent to the issuance of the financial statements, the auditor may have additional responsibilities relating to subsequent events that the auditor may need to consider.Select one:TrueFalse

After the financial statements have been issued, the auditor has still the obligation to perform any audit procedures regarding such financial statements.Select one:TrueFalse

The auditor shall obtain an understanding of the major activities that the entity uses to monitor internal control over financial reporting, but excluding those related to those control activities relevant to the audit.Select one:TrueFalse

The financial statements subject to audit are those of the entity, prepared and presented by external auditors of the entity with oversight from the managementSelect one:TrueFalse

The financiers of MNM Ltd require signed and finalized financial statements a month after the company’s financial yearend. Which audit planning component would be affected by this requirement?Group of answer choicesA. The nature of the audit proceduresB. The timing of the audit proceduresC. The extent of the audit proceduresD. The type of audit procedures

1/3

Upgrade your grade with Knowee

Get personalized homework help. Review tough concepts in more detail, or go deeper into your topic by exploring other relevant questions.