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a. As compared to an unmodified opinion, an opinion qualified due to a material departure from...
questions concern audit reports other than unmodified opinion audit reports with standard wording Choose the best...
questions concern audit reports other than unmodified opinion audit reports with standard wording Choose the best response ed opinion, an opinion qualified due to a material doparture from generally accepted accounting principles would O 1. include an extra paragraph, following the opinion paragraph O 2. indicate that, except for the problem noted,the financial statements are presented fairly O 3. include a slight modfication to the introductory paragraph O 4. include a slight modification to the auditors responsibility paragraph.
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...
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....
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) Indicating that the audit was adequate in scope and that the financial statements present the financial position, results of...
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...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow. The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) indicating that the audit was adequate in scope and that the financial statements present the financial position results of...
Match each statement below with the type of audit opinion/report that would most likely be issued...
Match each statement below with the type of audit opinion/report that would most likely be issued in the circumstance. Answer choices may be used once, multiple times, or not at all. （1）The auditors determined that sufficient appropriate evidence could not be obtained because inventory records were destroyed in a fire. （2）The client failed to write down certain assets that it determined were impaired. The reasons for reporting the assets at cost instead were disclosed in the notes to the financial...
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...
c. An adverse opinion and a disclaimer of opinion O 1. may be used interchangeably O...
c. An adverse opinion and a disclaimer of opinion O 1. may be used interchangeably O 2. both require modification of the introductory paragraph. O 3. result in the auditor's withdrawal from the engagement 。4. indicate situations in which there are material departures from the standards
b. An auditor who qualified an opinion because of an insufficiency of audit evidence should refer...
b. An auditor who qualified an opinion because of an insufficiency of audit evidence should refer to the scope limitation in the Auditor's Note to the Financial Responsibility ParagraphOpinion Paragraph Statements O 1. O 2. O 3. Yes No Yes Yes No Yes Yes Yes Yes No No Yes
questions concern audit reports other than unmodified opinion audit reports with standard wording Choose the best response ed opinion, an opinion qualified due to a material doparture from generally accepted accounting principles would O 1. include an extra paragraph, following the opinion paragraph O 2. indicate that, except for the problem noted,the financial statements are presented fairly O 3. include a slight modfication to the introductory paragraph O 4. include a slight modification to the auditors responsibility 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...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) Indicating that the audit was adequate in scope and that the financial statements present the financial position, results of...
0 Required information Sections of an Audit Report for a Nonpublic Company Read the overview below and complete the activities that follow. The end product of an audit is a report expressing the auditor's opinion on the client's financial statements. A standard report includes an unqualified opinion (for a public company audit) or an unmodified opinion (for a nonpublic company audit) indicating that the audit was adequate in scope and that the financial statements present the financial position results 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...
c. An adverse opinion and a disclaimer of opinion O 1. may be used interchangeably O 2. both require modification of the introductory paragraph. O 3. result in the auditor's withdrawal from the engagement 。4. indicate situations in which there are material departures from the standards
b. An auditor who qualified an opinion because of an insufficiency of audit evidence should refer to the scope limitation in the Auditor's Note to the Financial Responsibility ParagraphOpinion Paragraph Statements O 1. O 2. O 3. Yes No Yes Yes No Yes Yes Yes Yes No No Yes
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