Discuss four (4) conditions that an auditor will consider issuing an unmodifying opinion.
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Discuss four (4) conditions that an auditor will consider issuing an unmodifying opinion.
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- 22. When expressing a qualified opinion, the auditor should include a separate explanatory paragraph describing the effects of the qualification. This paragraph should be placed after the opinion paragraphSelect one:TrueFalseQ. Explain how the three types of modification to an auditor’sopinion on financial statements according to ISA705‘Modifications to the Opinion in the Independent Auditor’sReport’ are determined.7. An auditor would not perform an audit without issuing an audit engagement letter. Define and Outline the contents of an audit engagement letter and Outline at least 5 (five) rights of auditors.
- 36 Which one of the following options is the basis for opinion for an auditor? a. Only Sufficient evidence are the basis for audit opinion b. ISA , sufficient and appropriate audit evidence are the basis for audit opinion c. None of the options d. Only ISA is basis of audit opinionQuestion 3 State the principal aspects which the statutory auditor should look into before framing an opinion on finalization of audit of accountsAn auditor obtains evidence regarding the assertion of Completeness by sending confirmations. Question 10 options: True False
- 1. What is appropriate audit evidence? How does an auditor determine whether the appropriate audit evidence is sufficient to support the opinion expressed in the auditor's report? 2. Explain the types of audit proceduresProvide five factors (5) that an auditor must consider when setting a preliminary judgment.Question 22 Which statement is correct concerning a disclaimer of opinion and an adverse opinion? Group of answer choices A disclaimer of opinion indicates that the auditor has not been able to gather enough evidence to render an opinion on the financial statements, while an adverse opinion indicates that the financial statements are materially misstated. A disclaimer of opinion indicates that the financial statements are materially misstated, while an adverse opinion indicates that the auditor has not been able to gather enough evidence to render an opinion on the financial statements The opinions are generally equivalent, except an adverse opinion includes a going concern paragraph Adverse opinions indicate that the financial statements are materially misstated, while a disclaimer indicates that the financial statements are "so wrong" that no opinion can be given
- 22-Which of the following report will be issued when the auditor concludes that there is scope limitation or GAAP departure? a. Qualified b. Any of these c. Disclaim d. AdverseQuestion 24 Which of the following is true regarding the auditor's responsibility related to reporting? Sufficient appropriate evidence should be obtained to afford a reasonable basis for the opinion regarding financial statements under audit. The audit opinion relates only to the client's financial statements, and does not relate to required footnotes. If the auditor has reservations about the fairness of presentation of the financial statements, the auditor does not need to provide the reason for this reservation. All of the statements provided are true.Identify the three types of modification to an auditor’sopinion on financial statements according to ISA705‘Modifications to the Opinion in the Independent Auditor’sReport’ and please explain how they are determined.