ZuoTi.Pro
Question

A qualified report is issued when all auditing conditions have been met, no significant mistreatment have...

  1. A qualified report is issued when all auditing conditions have been met, no significant mistreatment have been discovered, and it is the auditor’s opinion that the financial statements are fairly stated in accordance with GAAP
    1. True
    2. False
business   accounting   
0 0
Add a comment Improve this question Transcribed image text
Next > < Previous
Sort answers by oldest

Homework Answers

Answer #1

Answer--------------b. False

.

A qualified opinion is expressed by auditor when he concludes that financial statements are not free from material misstatement or he does not have sufficient evidence to prove statements are free from misstatement whether material or nonmaterial.

A qualified opinion is a negative repost by auditor.

On the other hand an unqualified report is issued when all auditing conditions have been met, no significant mistreatment have been discovered, and it is the auditor’s opinion that the financial statements are fairly stated in accordance with GAAP

0 0
Add a comment
Know the answer?
Add Answer to:
A qualified report is issued when all auditing conditions have been met, no significant mistreatment have...
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

  • 1A qualified opinion that is issued because of a departure from generally accepted accounting principles should...

    1A qualified opinion that is issued because of a departure from generally accepted accounting principles should contain a separate paragraph explaining the departure and its effects. True False 2 The introductory paragraph of the auditors’ report clarifies management’s responsibility for the financial statements. True False 3The phrase “generally accepted auditing standards” appears in the scope paragraph of the auditors’ standard report. True False 4An auditors’ report is in essence a guarantee by the auditors that the financial statements are correct....

  • 1. When researching the requirements to become a CPA, one should first look at a) AICPA...

    1. When researching the requirements to become a CPA, one should first look at a) AICPA rules and regulations on professional careers b) GAAP rules c) PCBOA laws d) State laws 2. When a new auditing standard is proposed it is: a) immediately adopted b) reviewed by the Committee on Audit Standards of the AICPA for adoption c) sent to members for review and input d) sent to the IRS for review and adoption by the Auditing Oversight Board 3....

  • A careful reading of an unmodified opinion report indicates several important phrases. (Note: these phrases will...

    A careful reading of an unmodified opinion report indicates several important phrases. (Note: these phrases will need to be memorized to answer the multiple choice questions on the CPA exam.) Explain why each of the following phrases or clauses is used rather than the alternative provided: a. "The financial statements referred to above present fairly, in all material respects, the "financial position" rather than "The financial statements mentioned above are correctly stated. " b. "In conformity with accounting principles generally...

  • FINAL CASE STUDY QUESTION IN AUDITING Q11-15 You are currently completing the audit of Erbilek Co...

    FINAL CASE STUDY QUESTION IN AUDITING Q11-15 You are currently completing the audit of Erbilek Co for the year ended 31 December 2018. It is planned that the financial statements will be approved on 18 March 2019 and the auditor’s report will be signed on that date. The financial statements will be issued on 5 April 2019. On 31 March 2019, you become aware that Erbilek Co’s major customer has ceased to trade. Audit documentation show that the customer’s account...

  • 1.An auditor's report includes the following paragraph. All other parts of the report remain unchanged: "We...

    1.An auditor's report includes the following paragraph. All other parts of the report remain unchanged: "We draw attention to Footnote XX to the attached financial statements, which describes the adoption of recent standards issued by the Financial Accounting Standards Board and pertaining to the recognition of intangible accounts." This paragraph is most likely included in which type of opinion? a. Adverse opinion b. Unqualified opinion c. Disclaimer of opinion d. Qualified GAAP opinion 2. All CPA firms registered with the...

  • Question 5 (20 marks)Your firm, WWW LLP, is the auditor of Walnut Ltd. The auditor’s report...

    Question 5 (20 marks)Your firm, WWW LLP, is the auditor of Walnut Ltd. The auditor’s report below was drafted by Beanie Junior, a staff accountant at the firm. Walnut Ltd. is a publicly-held company (incorporated under the Canada Business Corporations Act and traded on the Toronto Stock Exchange) with a year end of December 31, 2018. The report was submitted to the engagement partner who reviewed the audit working papers and properly concluded that an unmodified opinion should be issued....

  • Consider the following statements:        I. An Other Matter paragraph “… refers to something that has...

    Consider the following statements:        I. An Other Matter paragraph “… refers to something that has been appropriately            presented or disclosed in the financial statements”.       II. The new PCAOB audit report includes a section involving Critical Audit Matters.       a. I is true;   II is true       b. I is true;   II is false       c. I is false; II is true       d. I is false; II is false 2. Consider the following statements:         I.   Inconsistent...

  • Principles of auditing ch 3 Dllal Match the term with the correct definition. Shareholders, Board of...

    Principles of auditing ch 3 Dllal Match the term with the correct definition. Shareholders, Board of Directors, or both Independent Auditor's Report States the auditor's opinion on the financial statements A. Opinion Paragraph Responsible for identifying all significant deficiencies in B. Standard Audit Report the design of internal controls C. Attestation Report Remained unchanged from 1949 to 1988 D. Introductory Paragraph A letter which includes the attestor's opinion E. Title of Auditor's Report Does not have generally accepted standards of...

  • 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...

  • auditing Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of...

    auditing Part One: True / False Questions (2.5 marks/ question) 1. An aged trial balance of accounts receivable may provide evidence on the adequacy of the allowance for uncollectible accounts 2. Confirmation of accounts receivable by direct communication with the debtor tests the existence of accounts receivable. 3. The examination of warehouse receipts is sufficient verification of a material amount of goods stored in public warehouses. 4. The receiving department should accept only goods for which there is an approved...

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