Question

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 requires little judgment. Answers: Materiality should be considered when determining the appropriate opinion to issue. A scope limitation will qualify the opinion if it is material. The level of materiality is mathematically calculated and therefore requires little judgment. Materiality is the level at which the decisions of the end user would be affected.

Answer 1

Above question is about multiple choice questions. Refer the below images for the above mentioned questions.

which of the following would not require a departure from an unaualified opinion ? a statements are not in conformity with GAAR. bo Scope limitation. c. Statement of cash flows not included do Related party transactions. Answer: c. Statiment of cash Hows not included s the material. which of the following use false regarding materiality the audit opinion? a• Materiality should be considered when determining appropriate opinion to issue. b. A scope limitation will auality the opinion if it is e. The level of materiality is mathematically calculate and therefore requires little judgement d. Materiality is the level at which the decisions end user would be affected. of the calwlated Answer: c. The level of materiality is is therefore requires little mathematically judgement 6 which of the following is the regarding independence? a Rule lod discusses covered members. bo Auditors must be independent in fact, not appearance. Sarbanes-Oxley requires lead y concorring audit partners to rotate off the engagement after years. do an audit committee is recommended but not required. Answer c- Sarbanes-Oxely partners to Votate requires lead & concorring off the engagement after audit years.

4 which of the following is false regarding ethical behaviour ? a. A person may have unethically because their standards - differ from Society b. It is common for people to differ in their moral principles a values. c. Many commonly held ethical values are incorporated into laws. do Unethical behavror is rarely the result of selfish behavior Answer: do Unethical behavior is rarely the result of selfish behavior Which of the following is false regarding other roles of conducta a. A member in public practice Should charge a contingent fee. n public member in practice. Shall not seen to clients obtain by advertising (or other forms of solicitation in a manner that is false, misleading cor) deceptive c. A non-cpt can be a partner in a cpt firm under certain de freedom circumstance from conflicts of interest means the absence of relationships that might interfere with objectivity (ory integrity. Answer: a. A member in public practice Should charge a contingent which of the following is talse regarding the auditor's report 2 a. Saxband rovely requires the auditor of a public company to attest to management's report on the effectiveness of internal Control over financial reporting. b. A scope limitation can quality the audit opinion. c. An adverse opinion means the auditor feels the financal Statementy are materially misstated. d. A disclaimer of opinion is an unaguetitied opinion with an et planatory paragraph.

Answer: a to attest to control over poblic company of internal Sarbanes oxely requires the management's report on the financal reporting. auditor of a effectiveness & Which of the following is talse regarding professional conducts, a. The term professional means a responsibility for conduct that extends beyond Satisfying Individual responsibilities. b. The expectation of professional conduct stems from the need for public confidence. c. It is essential that users regard cpt firms as competent y unbiased. d Ethical principies do not apply to all members of the ACCPA, only cpa's in public practice. stems conduct from bo wer: Answer: b. The the need expectation of for poblic professional confidence. 6 The Standard unqualified audit report: ar is the same for both public is non-poblic companies b. does not State the responsibilities of management of the auditors. c. cannot be altered to include things such as explanatory paragraphs de contains an opinion paragraph that states the auditor's conclusion. were do com that States Answer: de contains on the auditor's opinion paragraph conclusion.