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ACC 209 Auditing Exam 1

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ACC 209 Auditing Exam 1Exam 1AuditingACC 209Name _____________________________________1.Assume you are the partner in charge of the 2007 audit of Becker Corporation,a private company. The audit report has not yet been prepared. In eachindependent situation following (1-8), indicate the appropriate action (a-g) to betaken. The possible actions are as follows:a.Issue a standard unqualified report.b.Qualify both the scope and opinion paragraphs.c.Qualify the opinion paragraph.d.Issue an unqualified opinion with an explanatory paragraph.e.Issueanunqualifiedopinionwithmodifiedwording(noexplanatoryparagraph).f.Issue an adverse opinion.g.Disclaim an opinion.The situations are as follows:Issue an adverse opinion.1.Becker Corporation carries its property, plant, andequipmentaccountsatcurrentmarketvalues.Currentmarketvalues exceed historical cost by a highly material amount, and theeffects are pervasive throughout the financial statements.Disclaim an opinion.2.Management of Becker Corporation refuses toallow you to observe, or make, any counts of inventory. The recorded bookvalue of inventory is highly material.Issue a standard unqualified report3.Youwereunabletoconfirmaccounts receivable with Becker’s customers. However, because ofdetailed sales and cash receipts records, you were ableto performreliable alternative audit procedures.

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Document Details

University
Sault College
Course
ACC 209
Subject
Accounting

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