When one or more items in the financial statements are not presented in accordance with applicable...
When one or more items in the financial statements are not presented in accordance with applicable accounting principles, the auditor will issue a ___________ opinion.
Homework Answers
The Auditor here will issue a Qualified Opinion, there are many reasons for which auditor cannot issue an unqualified opinion and one of the reasons could be the financial statements are not presented according to the generally acceptable accounting principles. Therefore the auditor will issue a Qualified Opinion.
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When one or more items in the financial statements are not
presented in accordance with applicable...
When auditors determine that the financial statements of a private firm are presented fairly in accordance...
When auditors determine that the financial statements of a private firm are presented fairly in accordance with the applicable financial reporting framework, they issue the standard ( ) report, which is often referred to as ( ) report. A. Unqualified, Clean B. Qualified, Clean C. Modified, Rough D. Unmodified, Clean (Answer C is incorrect)
Principles of auditing Ch3 QUESTION 3 When financial statements are presented that are not in conformity...
Principles of auditing
Ch3
QUESTION 3 When financial statements are presented that are not in conformity with generally accepted accounting principles, an audit may issue a(n)Qualified Adverse opinion Opinion A. Yes No B. No No C. Yes Yes D. No Yes QUESTION 4 The most appropriate title for the auditor's report is A. Independent Attestor's Report B. Independent Accountant's Report C. Independent Auditor's Report D. Auditor's Report QUESTION 5
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements...
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements 1. Responsibility for the preparation and fair presentation of the financial statements rests with the Al) opinion is an opinion that the financial statements of a public company fairly present financial position results of operations, and cash flows in conformity with generally accepted accounting principles The auditor's responsbility relating to a GAS audit is for on the financial statements When a nonpublic clientelects to...
6. When reporting on financial statements prepared on the basis of income tax accounting, the aud...
6. When reporting on financial statements prepared on the basis of income tax accounting, the auditor should include in the report a paragraph that a. Emphasizes that the financials have not been examined in accordance with GAAS b. Refers to the authoritative pronouncements that explain the income tax basis of accounting used c. States that income tax accounting is a basis other than GAAP d. Justifies the use of income tax accounting 7. If an auditor is asked to give...
An adverse opinion is issued if the auditor finds that the financial statements are not presented...
An adverse opinion is issued if the auditor finds that the financial statements are not presented fairly. O True 0 False
The statement that "the financial statements were prepared in accordance with generally accepted accounting principles" is...
The statement that "the financial statements were prepared in accordance with generally accepted accounting principles" is found in the a. Management letter b. Management discussion and analysis c. Footnotes to the balance sheet d. Auditor's report
e. An audit of a U.S. not-for-profit organization. f. An audit of a U.S. private company...
e. An audit of a U.S. not-for-profit organization. f. An audit of a U.S. private company to be used for a loan from a publicly traded bank. g. An audit of a U.S. public company. h. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan. 2-20 (OBJECTIVE 2-7) Ray, the owner of a small company, asked Holmes, a CPA, to conduct an...
The Performance section of the "Principles Underlying an Audit" is concerned with: Multiple Choice proper planning...
The Performance section of the "Principles Underlying an Audit" is concerned with: Multiple Choice proper planning and supervision, appropriate materiality levels, and sufficient appropriate audit evidence. an audit opinion in accordance with the auditor's findings, whether the financials are presented fairly, and whether the financial are in accordance with the applicable financial reporting framework. O whether the auditor has unrestricted access to those within the entity from whom the auditor needs to obtain audit evidence. complying with ethical requirement, appropriate...
Question 3 (20 marks) The following statements relate to general principles or terms used in the...
Question 3 (20 marks) The following statements relate to general principles or terms used in the audit of financial statements. Identify two errors from each of the following statements (a)-(e) and explain briefly why these are errors or suggest corrections. (a) The objective of an audit of financial statements is to enable auditors to give a true and correct view in all respects in accordance with Hong Kong Auditing Standards. (b) Fraud refers to an unintentional act by one or...
l. An auditor has concluded that the financial statements are not fairly presented in that they...
l. An auditor has concluded that the financial statements are not fairly presented in that they are pervasively misstated. The most appropriate type of audit opinion is: a. Adverse b. Disclaimer c. Qualified d. Unmodified A public company unqualified audit report is least likely to have which of the following titled sections? a. Opinion b. Generally accepted auditing standards c. Basis for opinion d. Critical audit matters
Principles of auditing
Ch3
QUESTION 3 When financial statements are presented that are not in conformity with generally accepted accounting principles, an audit may issue a(n)Qualified Adverse opinion Opinion A. Yes No B. No No C. Yes Yes D. No Yes QUESTION 4 The most appropriate title for the auditor's report is A. Independent Attestor's Report B. Independent Accountant's Report C. Independent Auditor's Report D. Auditor's Report QUESTION 5
Select the necessary words from the list of possibilities to complete the following statements, Answer Statements 1. Responsibility for the preparation and fair presentation of the financial statements rests with the Al) opinion is an opinion that the financial statements of a public company fairly present financial position results of operations, and cash flows in conformity with generally accepted accounting principles The auditor's responsbility relating to a GAS audit is for on the financial statements When a nonpublic clientelects to...
6. When reporting on financial statements prepared on the basis of income tax accounting, the auditor should include in the report a paragraph that a. Emphasizes that the financials have not been examined in accordance with GAAS b. Refers to the authoritative pronouncements that explain the income tax basis of accounting used c. States that income tax accounting is a basis other than GAAP d. Justifies the use of income tax accounting 7. If an auditor is asked to give...
An adverse opinion is issued if the auditor finds that the financial statements are not presented fairly. O True 0 False
e. An audit of a U.S. not-for-profit organization. f. An audit of a U.S. private company to be used for a loan from a publicly traded bank. g. An audit of a U.S. public company. h. An audit of a U.S. public company that is a subsidiary of a Japanese company that will be used for reporting by the parent company in Japan. 2-20 (OBJECTIVE 2-7) Ray, the owner of a small company, asked Holmes, a CPA, to conduct an...
The Performance section of the "Principles Underlying an Audit" is concerned with: Multiple Choice proper planning and supervision, appropriate materiality levels, and sufficient appropriate audit evidence. an audit opinion in accordance with the auditor's findings, whether the financials are presented fairly, and whether the financial are in accordance with the applicable financial reporting framework. O whether the auditor has unrestricted access to those within the entity from whom the auditor needs to obtain audit evidence. complying with ethical requirement, appropriate...
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