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  • CHAPTER 10 With Answer Key

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    Angela Padua
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    1. The document summarizes key concepts from an audit chapter quiz, including the definition of subsequent events, the auditor's responsibility to perform procedures to obtain evidence of events up to the date of the audit report, and common true/false questions about management responsibilities, audit procedures, and the going concern assumption. 2. It provides multiple choice and true/false questions about topics like subsequent events, management representations, litigation, and wrap-up procedures. 3. The document tests understanding of audit procedures that should be performed at the end of an audit, such as identifying subsequent events, contingencies, obtaining management representations, and performing wrap-up procedures.

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    1. The document summarizes key concepts from an audit chapter quiz, including the definition of subsequent events, the auditor's responsibility to perform procedures to obtain evidence of events up to the date of the audit report, and common true/false questions about management responsibilities, audit procedures, and the going concern assumption. 2. It provides multiple choice and true/false questions about topics like subsequent events, management representations, litigation, and wrap-up procedures. 3. The document tests understanding of audit procedures that should be performed at the end of an audit, such as identifying subsequent events, contingencies, obtaining management representations, and performing wrap-up procedures.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
    179 views2 pages

    CHAPTER 10 With Answer Key

    Uploaded by

    Angela Padua
    1. The document summarizes key concepts from an audit chapter quiz, including the definition of subsequent events, the auditor's responsibility to perform procedures to obtain evidence of events up to the date of the audit report, and common true/false questions about management responsibilities, audit procedures, and the going concern assumption. 2. It provides multiple choice and true/false questions about topics like subsequent events, management representations, litigation, and wrap-up procedures. 3. The document tests understanding of audit procedures that should be performed at the end of an audit, such as identifying subsequent events, contingencies, obtaining management representations, and performing wrap-up procedures.

    Copyright:

    © All Rights Reserved
    Download as DOCX, PDF, TXT or read online from Scribd
    Flag for inappropriate content
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    Name: PADUA, ANGELA V.

    Section: BSA42KB1

    Chapter 10-Quiz

    Part I: Identification
    SUBSEQUENT EVENTS 1. Events or transactions that occur subsequent to the balance sheet date.

    INSPECTION
    2. Those that provide further evidence of conditions that existed at the balance sheet
    date.
    DISCLOSURE 3. Those that are indicative of conditions that arose subsequent to the balance sheet date.
    4.
    PSA 560 5. The auditor should perform procedures designed to obtain sufficient appropriate
    evidence that all events up to date of the Auditor’s report.
    6. Adequacy of disclosure and should date the report either: __________ and __________

    Part II: True or False


    FALSE 1. Generally, report should not be dated as of the completion of the essential audit
    procedures.
    TRUE 2. If the auditor does not want to extend his subsequent event review procedures, another
    option available to him is to dual date the audit report.
    TRUE
    3. It is the management responsibility to adopt policies and procedures that will identify,
    evaluate, and account for litigation of financial statements.
    TRUE 4. Management is the primary source of information about litigation, claims, and
    assessment.
    FALSE 5. The written representation should be signed by the appropriate level of management
    who has the primary responsibility for the financial statements.
    TRUE
    6. Written representations are an important source of audit evidence.
    TRUE
    7. Wrap-up procedures are those procedures done at the end of the audit that generally
    cannot be performed before the other audit work is complete.
    FALSE 8. The going concern assumption is a fundamental principle in the preparation of the
    financial statements.
    TRUE
    9. IAS 1 contains an explicit requirement for management to make a specific assessment of
    the entity’s ability to continue as a going concern.
    TRUE 10. The management’ s responsibility is to consider the appropriateness of management
    use of the going concern assumption in the preparation of the financial statements.
    Part III: Enumeration
    Give the four (4) proceduresin completing the audit.
    1. Identifying the subsequent events that may affect the financial statements under audit.
    2. Identifying contingencies such as litigation, claims and assessment.
    3. Obtaining written management representation.
    4. Performing wrap-up procedures.

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