Ünite Sınavı Soruları

Which one of the following statement is not one of the deficiencies of the auditors?

Choose the appropriate options:

When the auditor modifies the opinion on the financial statements, the auditor shall, in addition to the specific elements:

I. Amend the heading “Basis for Opinion” required by paragraph 28 of ISA 700 (Revised) to “Basis for Qualified Opinion,” “Basis for Adverse Opinion,” or “Basis for Disclaimer of Opinion,” as appropriate

II.Amend the heading “Basis for Opinion” required by paragraph 28 of ISA 705 (Revised) to “Basis for Qualified Opinion,” “Basis for Adverse Opinion,” or “Basis for Disclaimer of Opinion,” as appropriate

III. Amend the heading “Basis for Opinion” required by paragraph 28 of ISA 450 (Revised) to “Basis for Qualified Opinion,” “Basis for Adverse Opinion,” or “Basis for Disclaimer of Opinion,” as appropriate; 

IV. Within this section, include a description of the matter giving rise to the modification 

V. Within this section, include the both new and old versions of the matter for comparison 

Which of the following should be expressed when the auditor, having obtained sufficient appropriate audit evidence, concludes that misstatements, individually or in the aggregate, are material, but not pervasive, to the financial statements?

Which of the following misstatements arising from the two acts, audits are concerened with?

Which of the following İnternational Standard on Auditing (ISA) explains forming an opinion and reporting on financial statements?

What does ISA stands for?

Which of the following opinion would an auditor express if the financial statements have been prepared using the going concern basis of accounting but, in the auditor’s judgment, management’s use of the going concern basis of accounting in the financial statements is inappropriate?

1. Adverse opinion
2. Qualified opinion
3. Unqualified opinion
4. Disclaimer of opinion
5. Adverse qualified opinion

When the auditor modifies the audit opinion, which of the above headings should the auditor shall use? 

In our opinion, the accompanying financial statements present fairly, in all material respects, the financial position of the Company as at 31 December 2020, and its financial performance and its cash flows for the year then ended in accordance with Turkish Financial Reporting Standards (TFRS)./Turkish Accounting Standards (TAS).

In which of the following reports are you likely to see the above opinion?

1. Basis for disclaimer of opinion,
2. Responsibilities of Management and Those Charged with Governance
3. Key Audit Matters 

Which of the above is one of the required items in an auditor’s report on financial statements of
a listed entity, if disclaimer of opinion has been decided by the auditor?

1. The appropriateness of the selected accounting policies
2. The application of the selected accounting policies
3. The appropriateness or adequacy of disclosures in the financial statements

Which of the above may lead to a material misstatement of the financial statement? 

Which of the following opinions should be expressed when the auditor is unable to obtain sufficient appropriate audit evidence on which to base the opinion, and the auditor concludes that the possible effects on the financial statements of undetected misstatements, if any, could be both material and pervasive?

Fill in the blank:

As per ISA 570 (para. A26), if the financial statements have been prepared using the going concern basis of accounting but, in the auditor’s judgment, management’s use of the going concern basis of accounting in the financial statements is inappropriate, the auditor expresses an ..............regardless of whether or not the financial statements include disclosure of the inappropriateness of management’s use of the going concern basis of accounting. 

Which of the following defines a misstatement as a difference between the amount, classification, presentation, or disclosure of a reported financial statement item and the amount,classification, presentation, or disclosure that is required for the item to be in accordance with the applicable financial reporting framework?

Select the circumstances in which the matters shall not be described in the Key Audit Matters section of the auditor's report and the requirements in paragraphs 13-14 do not apply?

I. A matter giving rise to a modified opinion in accordance with ISA 705 (revised)

II. A material uncertainty related to events that create scepticism on the entity's ability to continue as a persistant concern in accordance with ISA 570.

III. A material uncertainty related to concerns that may cast significant doubt on the entity's ability to continue as a going concern in accordance with ISA 570. 

Fill in the blank

ISA 450 defines a misstatement as a difference between the ........of a reported financial statement item and the amount, classification, presentation or disclosure that is required for the item to be in accordance with the applicable financial reporting framework.

I.Amount

II. Classification

III. Presentation

IV. Disclosure

Considering appropriateness or adequacy of disclosures in the financial statements, which of the following is an example for material misstatements of a financial statement?

I.The financial statements do not include all of the disclosuresrequired by the applicable financial reporting framework.

II. The disclosures in the financial statements are not presented in accordance with the applicable financial reporting framework.

III.The financial statements do not provide the disclosures necessary to achieve fair presentation. 

1. Limitations imposed by management
2. Circumstances beyond the control of the auditor
3. Circumstances relating to the nature or timing of the auditor’s work

In which of the above situations shall an auditor modify the opinion in the auditor’s report?

Which of the following deals with the auditor’s responsibility to communicate key audit matters in the auditor’s report?

1. Basis of the opinion
2. Material Uncertainty Related to Going Concern
3. Key Audit Matters (for Listed Entities)
4. Responsibilities of Management and Those Charged with Governance for the Financial Statements
5. Auditor’s Responsibilities for the Audit of the Financial Statements

Which of the above are used ONLY in reports expressing unmodified or adverse opinion?