CPA AA Exam With Confidence Using Practice Dumps

The financial statements are the management's responsibility. They should therefore inform the auditors of any material subsequent events between the date of the auditor’s report and the date the financial statements are issued. If, after the date of the auditor's report but before the financial statements are issued, the auditor becomes aware of a fact that, had it been known to the auditor at the date of the auditor’s report, may have caused the auditor to amend the auditor’s report.

In the above situation, which of the following may NOT be an appropriate action taken by the auditor?

Your firm has recently been appointed as auditor to Crate Ltd for the year ending 31 October 2012. This is the first year of audit for Crate Ltd as it fell below the statutory audit exemption limits for the year ended 31 October 2011, which was the company's first period of trading.

Which of the following is NOT a matter to be considered in respect of the opening balances of Crate Ltd?

Audit sampling is the application of audit procedures to less than 100% of items within a population of audit relevance such that all sampling units have a chance of selection in order to provide the auditor with a reasonable basis on which to draw conclusions about the entire population.

You are carrying out a review of payments to suppliers with the aim to identifying at least one instance of fraud. Which of the following would be the most appropriate sampling technique to use?