f in the auditor’s judgment, management’s use of the going concern basis of accounting in the preparation of the financial statements is inappropriate: A. The auditor will give a disclaimed of opinion.  B. The auditor shall express an adverse opinion. C. The auditor shall express an unmodified opinion with a separate section. D. The auditor shall express a qualified opinion.

Q: Auditors are not responsible for accounting estimates with respect toa. Making the estimates.b.…

A: Select the accounting policies and accounting estimates is the responsibility of the management to .…

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

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

Q: ancial reporting framework on a single financial statement or one or more specific elements,…

A: An Auditor is an person who becomes an Auditor after getting professional accounting degree i.e…

Q: Which one of the following opinion will be issued by the auditor, if the misstatement in the…

A: Types of Auditor's Opinion : There are the four types of Auditor's opinion    Disclaimer : If the…

Q: The auditor will issue un-qualified audit report with explanatory paragraph when: Select one: a. The…

A: Auditor need to verify whether the financial statement is giving a true and fair view of the…

Q: Other matters to which the auditor may wish to refer in an Other Matter(s) paragraph but which are…

A: The Other Matter paragraph is the audit report is written to communicate all the necessary matters…

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.

Q: All of the following are causes for the addition of an explanatory paragraph except for: Select one:…

A: Audit report contains the details about the findings of the auditor in the process of audit and…

Q: 27.  If the auditors disagree with management regarding an accounting principle used in the…

A: Audit is the process of checking and verifying the authenticity of financial statements and…

Q: What is the appropriate nature of opinion when the auditor having obtained sufficient appropriate…

A: The auditor will express an Adverse opinion when the auditor obtains all the necessary proofs and…

Q: If the auditor concludes that financial statements are not free from material misstatements and the…

A: Auditing refers to the art of inspecting and investigating financial accounts of a company. It is…

Q: The auditor shall express what kind of opinion when the auditor, having obtained sufficient…

A: Auditor will review the financial statements of a firm and perform auditing procedures, where the…

Q: What factors should the auditor take into consideration before concluding that a financial statement…

A: Financial statements should give crucial information to any interested user of financial data so…

Q: e been misleading

A: Generally Accepted Accounting Principles refer to a systematic set of laws and policies used in…

Q: If the auditor expresses an adverse or disclaimer of opinion on the complete set of…

A:

Q: Other changes may affect comparability but not consistency in the use of accounting principles and…

A: The question is related to Auditing. Accounting Principles are specific guidelines and principles…

Q: itor to modify the opinion in accordance with ISA 705 (Revised) Modifications to the Opinion of the…

A: Auditor's report refers to a report in which the auditor state that the financial statements…

Q: The auditor shall express what kind of opinion when the auditor, having obtained sufficient…

A: The audit is an independent examination of the financial information of an entity whether…

Q: Which of the following statements is incorrect? Modified opinion is a qualified opinion, an adverse…

A: As per Bartleby Guidelines, only the first question will be answered since they are independent of…

Q: : When client-imposed restrictions significantly limit the scope of the audit, the auditor generally…

A: Solution: True, When client-imposed restrictions significantly limit the scope of the audit, the…

Q: Auditors are not responsible to detect all errors in the financial statements. Discuss the concepts…

A: Professional skepticism is recognizing the possibility that a material misstatement due to fraud…

Q: n, which of the following should be included in the opinion paragraph?     The reasons the…

A: The Generally Accepted Accounting Principles (GAAP ) are a collection of accounting rules and…

Q: What type of opinion is issued by the auditorr if he or she is unable to determine the overall…

A: Introduction: The act of examining, confirming, and analyzing all financial information and papers…

Q: If the financial statements have been prepared using the going concern basis of accounting but, in…

A: ISA 570- Going concern - The ISA deals with the auditor’s responsibilities relating to management’s…

Q: Under what circumstances auditor may express an unqualified opinion? 1. The view presented by the…

A: Auditor's opinion refers to the report, which is issued to the management after a complete audit of…

Q: The auditors determined that the entity is suffering financial difficulty and its going concern…

A: Unmodified Opinion is given by the auditor when all the financial statements are presented fairly in…

Q: In which of the following cases should an Unqualified Report with Explanatory Paragraph be issued?…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: If the audit report states that the financial statement is not free from material misstatements , it…

A: Audit is the examination and verification of financial statement for the particular period to…

Q: What are the two requirements for the auditor to offer an unqualified opinion on internal financial…

A: Auditor's assessment: The Auditor's certification is added to the financial statements as a…

Q: What two conditions must be present for the auditor to issue anunqualified opinion on internal…

A: Audit Opinion: It is a certification of the auditor attached along with the financial statements. It…

Q: What type of opinion is issued by the auditor on the financial statements when there is some…

A: There are 4 types  of  audit opinions  1.Unqualified opinion  2.Qualified opinion  3.Adverse opinion…

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…

Q: What is the appropriate nature of opinion when the auditor is unable to obtain sufficient…

A: Auditor's opinion is a report based on the audit of a company's financial statement. Therefore, it…

Q: . To express an opinion on financial statements, the auditor obtains reasonable assurance about…

A: Opinion of the auditor: To express an opinion on financial statements, the auditor obtains…

Q: The issuance of a disclaimer of opinion generally indicates:     the auditors cannot form an…

A: A disclaimer of opinion by auditor indicates that auditor will not provide any opinion on the…

Q: When an event impacts a financial statement element, it should be recognized in the accounting…

A: The financial statements of a company are prepared at the end of an accounting year which shows the…

Q: : The auditor's report on the group financial statements shall not refer to a component auditor,…

A: Solution: True, The auditor's report on the group financial statements shall not refer to a…

Q: he concept of materiality is less important for public accountants in determining:

A: Materiality: Materiality is used to indicate the impact of information on the financial statement.…

Q: If the auditor concludes that management’s use of the going concern basis of accounting is…

A: A material uncertainity is a condition where there is a reasonable…

Q: An unqualified opinion: a) is given when there is a conflict of interest. b) is one made without…

A: Introduction:- The followingtypes of auditor opinions are as follows under:- Unqualified opinion.…

Q: What tyype of opinion is issued by the auditor if he or she is unable to determine the overall…

A: Introduction: In an audit report, an auditor's opinion is conveyed. An initial portion of the audit…

Q: When financial statements are affected by a material departure from generally accepted accounting…

A: Generally Accepted Accounting principles: GAAP is  issued by the Financial Accounting Standards…

Q: Which one of the following is NOT a duty of the auditor? Duty to report on any violation of law Duty…

A: The duties of an Audi have been laid down by the companies Act , 2013, providedd in section 143.

Q: In the auditor's judgement, management's use of going concerm basis of accounting is appropriate,…

A: As per standards on auditing , If the adequate disclosure is not made in the financial statement…

Q: when the auditor discover a misstatement in the financial statement and this misstatement is…

A: The auditing will be conducted to find whether there are any errors or mistakes in the financial…