INT ACCT EXAM 3

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9 Terms

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Disclosure Notes

Disclose information relating to financial statements so those reading can understand the risk involved

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Summary of Significant Accounting Policies

Things like LIFO vs FIFO, straight line vs declining balance, or comparability and consistency.

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Subsequent Events

Any material items that happen between the B/S date and the date of 10k issuance

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Noteworthy events and transactions

Related party loan, xAI

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4 Audit Report Types

Unqualified, Unqualified with an explanatory or emphasis paragraph, qualified, Adverse or disclaimer

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Unqualified

A clean report with no scope exceptions

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Unqualified with an explanatory or emphasis paragraph

Incredibly common; Lack of consistency (change in principle), Going Concern, Emphasis of a matter (compensation plan)

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Qualified

Contains a scope exception; a report lacking access to everything we’d want for the audit

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Adverse or Disclaimer (Most unwanted type)

The report is either seriously misleading or this isn’t enough info to do the audit