LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH COMPLETE SOLUTIONS

LSU ACCT 3222 Wiley TEST 1| 164 QUESTIONS| WITH COMPLETE SOLUTIONS
Question 1: the name of a clean report for private companies
CORRECT ANSWER: unmodified report
Question 2: the name of a clean report for public companies
CORRECT ANSWER: unqualified report
Question 3: means that in the auditors' opinion if the company
follows GAAP
CORRECT ANSWER: clean report
Question 4: the date at the bottom of the audit report, stating 45
days after year end, when auditors stop gathering evidence, no
hard deadline from the government
CORRECT ANSWER: end of field work
Question 5: management's responsibilities
CORRECT ANSWER: -designing, implementing, and
maintaining internal controls
-creating financial statements

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