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MCQ 2.
Dear professor, you answered B, however most of us put D.
Performing analytical procedures on the financial statements to form an overall conclusion on the financial statements- As I know this is performed in all the stages/planning, evidence gathering, final review.
D.Reviewing the financial statements to ensure compliance with accounting standards and local legislation disclosure
I answered D because this is done at the planning stage.MCQ 9
You answered A, but my answer is C. As far as I remember from my readings auditors don’t have the responsibility to perform any procedures after audit report date, but they still identified misstatements need to be adjusted.Could you please elaborate on this two answers.
MCQ 2: I think I’ll change my mind on this one and go with D. I had thought a long time about the phrase “…to form an overall conclusion on the financial statements…” and wondered f it was a trap because those analytical procedures will not themselves be enough to support the auditor’s conclusions.
MCQ 9: So we are both agreed that 1 is true. I didn’t like (2) for two reasons. First the FS have been distributed and are beyond the auditor’s power to recall and change their audit report. They have to use other means. Second, a qualified opinion is only one sort of modified opinion and it would be perfectly possible to want an adverse opinion.
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