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accounting 401 1

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– Identify 4 of the 6 tests an auditor uses on the bank reconciliation? (1 Mark).

2- What is the difference between a contingent liability and a commitment? (1 Mark).

3- For each of the following situations, indicate what type of audit report is most appropriate:
a. The auditor lacks independence in fact, but not necessarily in appearance.
b. There is a scope limitation and it is material but the overall financial statements are still presented fairly.
c. The uncorrected misstatements are immaterial.
d. There is a departure from GAAP and it is pervasively material. (2 Marks).

4- Distinguish between the following theories of ethical behavior:

a rights-based approach, and a justice-based approach.

 
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