ZuoTi.Pro
Question

T or F: If a publicly-held corporation receives an unqualified opinion from its external auditors, this...

T or F: If a publicly-held corporation receives an unqualified opinion from its external auditors, this indicates the financial statements fairly present, in all material respects, the financial condition, results of operations and cash flows of the company for the periods of time reported in the Form 10-K filed with the SEC. (If false, identify and correct the errors.)

business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Statement is false :

Explanation :  If a publicly-held corporation receives an unqualified opinion from its external auditors, this indicates the financial statements fairly present, in all material respects, the financial condition, results of operations and cash flows of the company for the periods of time reported in accordance with accounting principles generally accepted in the United States of America.

0 0
Add a comment
Know the answer?
Add Answer to:
T or F: If a publicly-held corporation receives an unqualified opinion from its external auditors, this...
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for? Ask your own homework help question. Our experts will answer your question WITHIN MINUTES for Free.
Similar Homework Help Questions

  •          1. a) T or F: A business operation that is 1) organized according to state...

             1. a) T or F: A business operation that is 1) organized according to state or federal statutes as a separate legal entity, and 2) ownership is divided into shares of stock is a sole proprietorship.   (If false, identify and correct the errors.) b) T or F: A publicly-held company would prefer its external auditor issue an unqualified opinion upon examination of its financial data that is reported in the Form 10-K filed with the SEC. (If false, identify...

  • 0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below...

    0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) Indicating that the audit was adequate in scope and that the financial statements present the financial position, results of...

  • 0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below...

    0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow. The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) indicating that the audit was adequate in scope and that the financial statements present the financial position results of...

  • External auditing is a “special function” as described by Chief Justice Warren Burger in a 1984...

    External auditing is a “special function” as described by Chief Justice Warren Burger in a 1984 Supreme Court decision: “By certifying the public reports that collectively depict a corporation’s financial status, the independent auditor assumes a public responsibility transcending any employment relationship with the client. The independent public accountant performing this special function owes ultimate allegiance to the corporation’s creditors and stockholders, as well as to the investing public. This “public watchdog” function demands . . . complete fidelity to...

  • Which of the following would not require a departure from an unqualified opinion? Question 1 Which...

    Which of the following would not require a departure from an unqualified opinion? Question 1 Which of the following would not require a departure from an unqualified opinion? Selected Answer: Statement of cash flows not included Answers: Statements are not in conformity with GAAP. Scope limitation. Statement of cash flows not included Related party transactions. Question 2 Which of the following is false regarding materiality and the audit opinion? Selected Answer: The level of materiality is mathematically calculated and therefore...

  • 8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has...

    8 10. T, F. Attribute sampling is the most preferred sampling method 11. T, F. Data analytics has made sampling and professional judgment 12. T, F. An auditor should provide an opinion on the financial 13. T, F. Standards on audit reporting are currently in a state of chan used by auditors evpecia with respect to account balances and transactions. with respect to sampling statements only if the opinion obsolete material respectpi indicates that the financial statements are fairly stated...

  • 9. (9 pts) On October 1, 20D, PHD Corporation collected rent of $4,800 for two years...

    9. (9 pts) On October 1, 20D, PHD Corporation collected rent of $4,800 for two years in advance. The three possible ways in which PHD Corporation could have recorded the transaction on October 1, 200, ie, the original source journal entry) are listed below. Also listed are three different adjusting entries that could be made on December 31, 20D (the end of the accounting year). Match each journal entry with the appropriate adjusting entry. Journal Entry, Sept. 1, 200: 4,800...

  • Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are...

    Chapter 1: INTRODUCTION AND OVERVIEW OF AUDIT AND ASSURANCE 7) In Canada, publicly traded companies are a) required to have audits. b) strongly encouraged to have audits. c) not required to have an audit if they have a review. d) not required to have an audit. primary difference between internal and external auditors The 8) What is the primary difference between intern a) level of competence required. b) parties to whom the auditor is responsible. c) type of audit that...

  • From Barraza Airlines Form 10-K, December 2019. Ernst & Young: Report of Independent Registered Public Accounting...

    From Barraza Airlines Form 10-K, December 2019. Ernst & Young: Report of Independent Registered Public Accounting Firm “We have audited the accompanying consolidated balance sheets of Barraza Airlines as of December 31, 2019 and December 31, 2018, and the related consolidated statements of operations, comprehensive income, shareholders’ equity and cash flows for each of the three years in the period ended December 31, 2019, and the related notes... In our opinion, the financial statements present fairly, in all material respects,...

  • A) ideals to work towards, but which are not achievable B) maximum standards that denote excellent...

    A) ideals to work towards, but which are not achievable B) maximum standards that denote excellent work. C) minimum standards of performance that must be achieved on each audit engagement. D) benchmarks to be used on all audits, reviews, and compilations. 8) An audit of historical financial statements most commonly includes the A) balance sheet, statement of retained earnings, and the statement of cash flows B) income statement, the statement of cash flows, and the statement of net working capital...

ADVERTISEMENT
Free Homework Help App
Download From Google Play
Scan Your Homework
to Get Instant Free Answers
Need Online Homework Help?
Ask a Question
Get Answers For Free
Most questions answered within 3 hours.
ADVERTISEMENT
ADVERTISEMENT
ADVERTISEMENT