4. In which of the following instances would an auditor most likely issue a standard unqualified opinion WITHOUT an explanatory paragraph? a. Management disclosures are missing or inadequate. b. There is substantial doubt about the entity's ability to continue as a going-concern. c. Due to staffing issues, the audit report was issued later than in previous years. d. There is an material deviation from GAAP related to capitalizing repairs. e. None of the above.

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A: Auditing means the inspection of financial accounts of the company to determine if the records are…

Q: If the auditor found misstatements in financial statements resulting from fraud, the auditor…

A: As per Auditors responsibilities to consider the fraud in an audit of financial Statements.  If The…

Q: B. For each of the following independent scenario, discuss the issue and describe the impact on the…

A: If there is an error in the financial statement then, the auditor should discuss it with the…

Q: ervasive effects on the financial

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Q: When an auditor concludes that there is a significant doubt on the entity's ability to continue as a…

A: Going Concern basis: An entity prepares financial statements on a going concern basis ,that is it is…

Q: Examples of unmodified opinions which contain modified wording (without adding anemphasis-of-matter…

A: Answer:   Option D.

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A: Following is the answer to the given question

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A: Audit risk is the risk that  the financial statements may contain misstatements even though auditor…

Q: Given the economic and time constraints in which auditors can collect evidence about management…

A: Financial statements are the statements that are prepared at the end of the period in order to…

Q: Which of the following opinions would be issued if auditors believed that the entity’s financial…

A: The audit report offers a summary for a given fiscal year of a company's financial performance.

Q: Which of the following is not an example of the application of professional skepticism? 1. Designing…

A: Proper professional care necessitates professional skepticism on the part of the auditor.…

Q: Which of the following statements is not true with respect to the auditors’ report on…

A: Internal Control: Internal control is a mechanism or procedure that the company implements so that…

Q: Which of the following case, an audit opinion with unqualified Report with Modified Wording will be…

A: Unqualified report with modified wordings means with the view of auditor, the financial statement…

Q: Which of the following is least likely to be a factor that might indicate to an auditor that an…

A: special considerations are used by auditors where there is a high risk of material misstatements in…

Q: Statement 1: If management fails to list an unasserted claim in the letter of inquiry to a lawyer,…

A: Auditing is a process in which auditor in which an auditor checks the financial statements of the…

Q: When a contingency is resolved subsequent to the issuance of audited financial statements, which…

A: A contingency is a character or any rationally possible losses and any pledges, including highest…

Q: Where the auditor has assessed the risk of material misstatement of trade creditors as low, the…

A: Auditing is a procedure under which an auditor is appointed to check the accuracy of the financial…

Q: appropriate audit opinion

A: Every material items should be properly disclosed in the financial statements so as to enable the…

Q: Which of these statements is/are correct? | If an auditor had the required knowledge and…

A: Audit means checking of financial statements of a company.

Q: When an auditor-client conflict arises during an audit engagement, the client and/or the current…

A: Introduction : After being recruited to produce an impartial report on correct accounting treatment…

Q: To correct all errors they discover in the accounting records for the year under audit. The auditors…

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Q: An auditor must identify the relevant assertions about each significant financial statement account…

A: a.

Q: Which of the following is NOT an implication of Section 302 of SOX?a. Auditors must determine…

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Q: Consider the following independent and material situations: (i) The client, with reasonable…

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A: If the auditors encounter a significant scope limitation in evaluating a public company's internal…

Q: 1. B) During the audit of LDF Co’s bad debt provision, the auditor discovered that £500,000 of costs…

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Q: Which of the following situations will not result in modification of the auditor's report because of…

A: The scope limitation is the restrictions in the audit which is caused by the client or issues that…

Q: Which of the following circumstances would most likely cause an auditor to suspectthat material…

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A:

Q: state the type of audit opinion which should be expressed

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Q: For which of the following events would an auditor issue a report that does not make any reference…

A: An auditor is appointed to check the accuracy of the financial statement prepared by the company.

Q: Which of the following factors most likely would cause a CPA not to accept a new audit engagement?…

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Q: 19-Which among the following is the most important limitation of an audit, which result in most of…

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Q: 8. In which of the following situations would an auditor originally choose between expressing a…

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Q: Which of the following would not require an explanatorylemphasis-of-matter paragraph in the…

A: Auditor's Report: It is a report which contains independent opinion of an auditor regarding…

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A: The statement S1 is true because the auditors plan the substantive procedures based on the result of…

Q: Discuss the concept of professional skepticism and its importance in audit.

A: Professional skepticism is defined as a questioning mindset, being aware of events that may signal a…

Q: From the options given below which of the document is included by an auditor in the audit…

A: Audit is independent verification of the financial statements by an auditor, where the auditor…

Q: Each of the following statements is a communication from management. Indicate whether the inclusion…

A: For given cases, we have to indicate whether the written representations is appropriate or not.

Q: Which of the following is NOT a reason the auditor performs some substantive procedures at an…

A: solution interim audit                 An auditor may choose to perform the audit before the end of…

Q: Which of the following would probably not be considered an indication of a material weakness?a.…

A:

Q: List of matters normally communicated to those charged with governance includes: a) The overall…

A: a) The overall approach and scope of the audit, including any limitations on the scope of the audit.…

Q: Which of the following statements about management assertions, audit objectives, and audit evidence…

A: The overall objective of an auditor express an opinion on financial statements that it represents…

Q: Which of the following factors most likely would cause an auditor not to accept a new audit…

A: Internal Controls: Internal controls are the principles, procedures and rules applied by a company…

Q: DETERMINE WHETHER TRUE OR FALSE S1- Toward the end of an engagement, after all audit evidence has…

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