The phrase “except for the possible effects of the matter described…” appears in an audit report. This could be what type of opinion? a. Qualified Adverse Disclaimer Yes Yes No b. Qualified Adverse Disclaimer Yes No No c. Qualified Adverse Disclaimer No No Yes d. Qualified Adverse Disclaimer No Yes No e. Qualified Adverse Disclaimer Yes Yes Yes

The phrase “except for the possible effects of the matter described…” appears in an audit report. This could be what type of opinion? a. Qualified Adverse Disclaimer Yes Yes No b. Qualified Adverse Disclaimer Yes No No c. Qualified Adverse Disclaimer No No Yes d. Qualified Adverse Disclaimer No Yes No e. Qualified Adverse Disclaimer Yes Yes Yes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

See similar textbooks

Similar questions

The refusal of a clientâ€™s attorney to provide the information requested in an inquiry letter is considered A. Reasons for adverse opinion B. A limitation on the scope of the audit C. Grounds to withdraw from the engagement D. Equal to a significant deficiency
14. Which of the following is the primary purpose of indexing? * A. Eliminate the need for follow-up reviews B. Support the audit opinion C. Determine that working papers adequately support findings, conclusions, and reports D. Simplify review of working papers E. None of them
To be effective, certain audit procedures cannot be completed before the end of the audit. Identify three procedures that cannot be completed before the end of the audit and explain why. Auditing class
Which of the following statements is true? Select one: a. If evidence is subjective, it cannot be reliable b. Evidence must be relevant to all of the audit objectives c. Evidence obtained directly by the auditor may not be reliable if the auditor lacks the qualifications to evaluate the evidence. d. The persuasiveness of evidence can be evaluated after considering its sufficiency
The process of looking at a procedure or process being performed by others by the auditor is called what ? Observation Inquiry Inspection None of the given options
An opinion based in part on the report of another auditor requires a modified wording in the standard unqualified audit report. True O False
Urgent
From the options given below identify type of risk in case auditor unable to provide appropriate audit opinion. a. Audit risk O b. None of the options O c. Control risk O d. Inherent limitation
when the auditor lack independence he or she will issue disclaimer opinion Select one: True False
In audit reporting, what does an unqualified opinion mean?
Explain the conditions that require a departure from an unqualified audit report.
29. This term means an engagement in which a practitioner expresses a conclusion designed to enhance the degree of confidence of the intended users other than the responsible party about the outcome of the evaluation or measurement of a subject matter against criteria. Group of answer choices Assurance Internal Audit None of the choices Operations Audit Consultancy