Answered: If an auditor is engaged to audit a…

Auditing: A Risk Based-Approach (MindTap Course List)

11th Edition

ISBN:9781337619455

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter11: Auditing Inventory, Goods And Services, And Accounts Payable: The Acquisition And Payment Cycle

Section: Chapter Questions

Problem 36RQSC

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Question

If an auditor is engaged to audit a client’s financial statements after the annual physical inventory count was made and the accounting records are not sufficiently reliable to enable the auditor to become satisfied as to the year-end inventory balances, the opinion to be expressed is

Group of answer choices

a. either an adverse opinion or disclaimer of opinion.

b. either a disclaimer or opinion or an “except for” qualified opinion.

c. either an “except for” qualified opinion or an adverse opinion.

d. an unqualified opinion.

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