3. Does a qualified opinion on management’s assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Please explain within 150 words. (To answer this question, please make sure you understand the terms “unqualified opinion” and “qualified opinion” in auditing.

Which of the following is required documentation in an audit in accordance with generally acceptedauditing standards? Group of answer choices a. A flowchart or narrative of the accounting system describing the recording and classification of transactions for financial reporting. b. All major stakeholder groups. c. An internal control questionnaire identifying controls that assure specific objectives will be achieved. d. The overall audit strategy and audit plan.

Service organization control (SOC) reports may be requested by auditors when a service organization processes transactions related to a client's (user organization) internal control over financial reporting. Required: For each of the following statements related to Service Organization Control (SOC) reports, indicate whether it is appropriately related to a Type 1 report (T1), Type 2 report (T2), both a Type 1 and Type 2 report (B), or neither a Type 1 or Type 2 report (N). a. Disclaims an opinion on the fairness of the entity's financial statements. b. Provides a description of the service organization's internal control over financial reporting. c. Summarizes tests of operating effectiveness of controls at the service organization. d. Expresses an opinion on the suitability of design of internal controls over financial reporting. B e. Use of the service auditor's report is restricted to specified parties. f. Would be requested when client is an issuer. g. Disclaims an opinion on the…

STATEMENT 1: Audit documentation provide the principal support for the auditor's opinion on the fairness of the financial statements. STATEMENT 2: Audit documentation aid in planning and conducting for future audits. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct