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
Homework Answers
Question 1
Correct answer--- a. Adverse
When auditor has concluded that misstatement is there and the effect of misstatement is pervasive then an adverse opinion is given otherwise qualified or disclaimer opinion is given. Unmodified opinion is given financial statements are fairly presented and no misstatement is found.
.
Question 2
Correct answer---d. Critical audit matters
.
An unqualified audit report is a report where financial statements are fairly presented and no misstatement is found.
An unmodified opinion does not generally have critical audit matter section in the report.
Add Answer to:
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