Financial Statement

Please answer the following 5 discussion questions in atleast 100 words per question. Do not answer them as an essay. Please answer them under the question set.

 

1. Describe the purpose of a financial statement disclosure checklist and explain how it helps the auditor determine if there is sufficient appropriate evidence for each of the presentation and disclosure objectives.

 

2. Explain why auditors’ reports are important to users of financial statements and why it is desirable to have standard wording.

 

3. Distinguish between a contingent liability and an actual liability and give three examples of each.

 

4. Describe matters that the auditor must communicate to audit committees of public companies.

 

5. What four circumstances are required for a standard unqualified report to be issued?

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