When an auditor qualifies an opinion because of inadequate disclosure, the auditor should describe the nature of the omission in a separate "Basis for Qualified Opinion" section and modify the "Management's Responsibilities" section "Opinion" section Group of answer choices No No Yes No Yes Yes No Yes

When an auditor qualifies an opinion because of inadequate disclosure, the auditor should describe the nature of the omission in a separate "Basis for Qualified Opinion" section and modify the "Management's Responsibilities" section "Opinion" section Group of answer choices No No Yes No Yes Yes No Yes

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Changes that do not affect consistency are disclosed in the footnotes and require an explanatory paragraph in the audit report. * True O False
The auditor shall never include in the same auditor’s report an unmodified opinion on a singleFS that forms part of those FS or ona specific element of those FS. True or False?
An unqualified opinion: a) is given when there is a conflict of interest.b) is one made without reservation.c) © is made when auditors are not fully qualified to audit the financial statements.d- is one made with reservation
S1: A client imposed scope limitation will generally result in a disclaimer of opinion S2: When there is a significant question about a company's ability to remain a going concern, the report issued is usually unqualified with an explanatory paragraph. S3: When the auditors are unable to comply with generally accepted auditing standards, they should issue an opinion that is unqualified, but include an additional explanatory paragraph in the report. a. All statements are true b. All statements are false c. S1 and S2 are true d. S1 is true
Statement 1: When a CPA has concluded that action should be taken to prevent future reliance on his report he should recall the financial statement and issue revised statements and include an appropriate opinion. Statement 2: When a CPA has concluded that action should be taken to prevent future reliance on his report he should advise the client and others not to rely on the financial statements and make appropriate disclosures of the corrections in the statements of a subsequent opinion. statement 3: When a CPA has concluded that action should be taken to prevent future reliance on his report he should recall the financial statement and issue a disclaimer of opinion which should generally be followed by revised statements and a qualified opinion. A. Only one statement is correct B. Only two statements are correct C. All statements are correct D. All statements are incorrect
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Which of the following is not a condition before an auditor may add Emphasis of Matter paragraph in the auditor’s report?a. Matter is already fully disclosed in the financial statements.b. No material misstatement exists.c. Not result to modification of opinion.d. Be placed immediately after the opinion.
if an auditor's report does not make a statement regarding the adequacy of informative disclosure in the financial statements with which he is associated, the reader can conclude that the A. Financial statements are presented fairly, in all material respects in comformity with generally accepted accounting principles provided all other requirements have been metB. Auditor has not followd generally accepted auditing standardsC. Auditor is expressing a qualified opinionD. Auditor is expressing an adverse opinion
S1: The Basis for Opinion Paragraph should always be presented after the Opinion Paragraph, but PSA 700 does not establish the order of presenting the other elements of the Auditors Report. S2: Scope limitations resull in either a qualilied opinion or adverse opinion. S1 is True, S2 is False S1 is False, S2 is True Both statements are True Both statements are False
With regard to corrective action on audit results, which of the following is not theinternal auditor’s responsibility?(1) Soliciting auditees’ suggestions for corrective actions.(2) Recommending possible alternative corrective actions.(3) Directing the corrective actions.(4) Determining that the corrective actions are responsive to the audit results.(5) Evaluating new policy statements to determine whether they address the unsatisfactory conditions disclosed in the audit results.
Hansh
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