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)
Homework Answers
Answer: D. Unmodified, Clean
Explanation:
The auditor's report contains either an expression of opinion on a financial statement or an assertion that an opinion can not be expressed.
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 unmodified report, which is often referred to as a clean report.
Add Answer to:
When auditors determine that the financial statements of a
private firm are presented fairly in accordance...
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
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.
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...
In addition to examining the company's financial statements and report whether they were presented fairly without...
In addition to examining the company's financial statements and report whether they were presented fairly without any misstatement what else is required of the external auditors by the recent changes in financial reporting? Multiple Choice To review and test the effectiveness of the company's internal controls To review and test the effectiveness of the company's board of directors To review and test the effectiveness of the company's marketing department To report any financial misstatements or irregularities to the press
1. Auditors communicate the results of an audit in an audit report. Of the four categories...
1. Auditors communicate the results of an audit in an audit report. Of the four categories of audit reports, which one indicates that while the auditor believes the financial statements are fairly presented, very material departures from GAAP, and the scope of the audit may have been substantially restricted? a)Adverse or disclaimer b)Qualified c)Standard unqualified d)Unqualified with explanatory paragraph 2. When communicating the purpose of internal controls, it is important to note that internal controls a)can be one hundred percent...
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in...
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in all material respects." Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of assets and fraudulent financial reporting. ксчиси a. Discuss the concept of "reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements. b. What are the responsibilities of the independent auditor in the audit of financial statements?...
The set of standards used in preparing the historical financial statements, such as GAAP or IFRS,...
The set of standards used in preparing the historical financial statements, such as GAAP or IFRS, is referred to as a. the applicable financial reporting framework b. Generally Accepted Auditing Standards (GAAS) c. material modifications d. a review of historical financial statements (answer b is incorrect)
Check my w Select the necessary words from the list of possibilities to complete the following...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
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...
1. For each of the following situations, assume that you are reporting on a client’s financial...
1. For each of the following situations, assume that you are reporting on a client’s financial statements. The company is a private company (not publicly held). Unless otherwise stated, assume that the matter involved is material and that the client has refused to make any required adjustments. Types of reports: Unmodified (Unqualified) Modified (Qualified) Disclaimer Adverse Types of paragraphs: A. No additional paragraph B. “Emphasis of matter” paragraph required C. “Basis for” paragraph required D. “Emphasis of matter” paragraph...
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...
6-27 (Objectives 6-10, 6-30) Auditors provide “reasonable assurance” that the financial statements are "fairly stated, in all material respects." Questions are often raised as to the responsibility of the auditor to detect material misstatements, including misappropriation of assets and fraudulent financial reporting. ксчиси a. Discuss the concept of "reasonable assurance” and the degree of confidence that financial statement users should have in the financial statements. b. What are the responsibilities of the independent auditor in the audit of financial statements?...
Check my w Select the necessary words from the list of possibilities to complete the following statements Answer Statements When a nonpublic client elects to change accounting principles from one acceptable principle to another acceptable principle and the auditors agree the change is desirable, they should issue a report with an) opinion 2. Audit reports issued under GAAS ordinarily are signed with the name of the If the auditors have examined the prior year's financial statements presented for comparative purposes,...
Most questions answered within 3 hours.
-
Please explain how participation income and expenses are
allocated to each partner. Where is this defined?
asked 6 minutes ago -
The tires of a car make 61 revolutions as the car reduces its
speed uniformly from...
asked 22 minutes ago -
Peabody, Inc., sells fireworks. The company’s marketing director
developed the following cost of goods sold budget...
asked 26 minutes ago -
A signal transduction pathway includes the steps listed
below.
1. An inactive signal transduction molecule is...
asked 25 minutes ago -
1. The correlation coefficient determined for two variables has
a value of 0.89. Describe, in words,...
asked 31 minutes ago -
The following data relate to direct materials costs for
November:
Actual costs
4,700 pounds at $5.35...
asked 29 minutes ago -
Kyle, a 95.0 kg football player, leaps straight up into the air
(with no horizontal velocity)...
asked 53 minutes ago -
Which of the following is a measure of profitability?
A.
Quick (acid-test) ratio
B.
Net sales...
asked 56 minutes ago -
Find the total pressure exerted by 2 grams of ethane and 3 grams
of CO2 contained...
asked 57 minutes ago -
A fireman standing on a 5.2 m high ladder operates a water hose
with a round...
asked 54 minutes ago -
A cream formulation is studied for accelerated stability study.
Creaming was observed when formulation was tested...
asked 57 minutes ago -
A 1,150 lumen light bulb is placed 37 cm in front of a mirrored
wall, whose...
asked 1 hour ago