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BUS 426 Lecture Notes - Lecture 10: Financial Audit, Financial Statement, Mathematically Correct

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19 Sep 2012

School

Simon Fraser University

Department

Business Administration

Course

Professor

Michael Favere- Marchesi

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Document Summary

Unqualified opinion: statement is free from material misstatement. Qualified opinion: statement with a few sections having errors, rest is ok. Except for , the financial statements are fairly stated in accordance with gaap . The financial statements are not fairly stated with gaap . Pervasive matter: tending to spread throughout: if departure from gaap = adverse, if scope restriction = disclaimer. We conducted the audit of we were engaged to audit the financial statements. The auditor"s responsibility section reflect the fact that an audit could not be conducted, while explanatory which would give reasons as to why the audit could not be conducted. Changes to audit opinion: conditions that require a change from unqualified opinion, types of opinions, materiality. Two things to cause an opinion to cause an unqualified to derail: scope restriction, departure from gaap. When the auditor has no accumulated sufficient evidence to determine if financials are stated in accordance with gaap.

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Related Questions

Which of the following statements is true of business ethics?

a. Ethical behavior can not only enhance a company's reputation but can also drive profits.

b. Conducting business in an ethical manner does not influence the financial performance of a company.

c. Social responsibility is directed only toward a company's customers and not its employees.

d. Social responsibility in business is less important than satisfying shareholders.

e. Business ethics is not relevant to nonprofit organizations.

silverwombat742

Which of these statements about corporate bonds is correct?

A. Bonds provide equity financing.

B. Issuing new bonds dilutes the existing ownership in the firm.

C. Interest paid to bondholders represents a tax-deductible business expense.

D. Debenture bonds require assets pledged as collateral.

crimsonhippopotamus650

The term business ethics is best described by the following statement:

a. It is the study and philosophy of human conduct, with an emphasis on determining right and wrong.

b. It is an "inquiry into the nature and grounds of morality where the term morality is taken to mean moral judgments, standards, and rules of conduct."

c. It is the "study of the general nature of morals and of specific moral choices; moral philosophy; and the rules or standards governing the conduct of the members of a profession."

d. It is an organization's obligation to maximize its positive effects and minimize its negative effects on stakeholders.

e. It comprises the principles, values, and standards that guide behavior in the world of business

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