If the previously stated situation is deemed to be a highly material event the type of report that should be issued would be      A. Unqualified Opinion   B.  Qualified Opinion   C.  Unqualified Opinion Explanatory paragraph   D. Adverse Opinion

Q: s1: When the auditor includes an Emphasis of Matter paragraph in the auditor's report, the auditor…

A: Solution : False, When the auditor includes an Emphasis of Matter paragraph in the auditor's report,…

Q: entify the three types of modification to an auditor’sopinion on financial statements according to…

A: Auditors report Auditors report is the disclaimer issued by internal auditor or an external auditor…

Q: A qualified audit report (qualified opinion) would usually be issued when a client's financial…

A: Qualified Audit Report means an auditor have opinion that some accounting treatments need…

Q: What type of audit opinion is preferred when analyzing fi nancial statements? B . Adverse.

A: Audit opinions are the opinions given by the auditor about the financial statements.

Q: Material disagreements with management will result in either: * O a qualified opinion or adverse…

A: Material disagreement between auditor  and management  arises when their is an unsuitable Accountant…

Q: If there is a matters that pose challenges to the auditor in obtaining appropriate audit evidence or…

A: Key audit matter are those matters that are from auditor's professional judgement need be given…

Q: Relevant evidence.

A: Correct Answer is :- A Relevent Evidence.

Q: 22. When expressing a qualified opinion, the auditor should include a separate explanatory paragraph…

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

Q: B58. The IASB declared that the merits of proposed standards are assessed A. from a position of…

A: SOLUTION- NEUTRALITY MEANS THAT FINANCIAL STATEMENTS MUST BE FREE FROM ERRORS OR FROM OTHER…

Q: which type of audit report the client prefer : Select one: a. unqualified b. disclaimer c. adverse…

A: Disclaimer is given when the auditor disclaims from forming an opinion due to insufficient evidence.…

Q: A restriction on the scope of the auditor's examination requires     A.  a basis for a qualified…

A: When auditor is restricted from obtaining sufficient audit evidences in relation to any item of…

Q: Which statement is incorrect? A. The systematic manner of presentation of Notes to F/S is…

A: The notes to the financial statement shall present the information about the basis and the…

Q: Substantive tests procedures are chosen based on the assertion(s) for which the auditor seeks…

A: Substantive procedures (or substantive tests) are those activities performed by the auditor to…

Q: Non-compliance does not include a. Professional misconduct b. Personal misconduct c. Unintentional…

A: Non-compliance means failure to comply with a rule.

Q: Correction of an error in principle affects comparability and an explanatory paragraph after the…

A: The auditor should disclose a material lack of consistent application of GAAP by adding an…

Q: Using IFRS, a change in accounting policy for which a standard does not include specific…

A: IFRS: International Financial Reporting Standard is abbreviated as IFRS. The IFRS is set up to bring…

Q: The auditor shall express an adverse opinion when a matte

A: Auditor: Auditors can be a person or firm appointed by the company to review and provide opinions on…

Q: 46 Which one of the following types of audit opinion is provided in the clean report? a. Qualified…

A: Auditing means the independent checking of company operation by outsiders. The auditor is qualified…

Q: 93-94 Whenever an auditor issues a qualified report, he or she  Group of answer choices  a. must…

A: SOLUTION- WHENEVER AN AUDITOR ISSUES A QUALIFIED REPORT , HE OR SHE MUST "USE THE TERM SUBJECT TO IN…

Q: When going concern assumption is appropriate, Auditor's opinion should be: a. disclaimer opinion b.…

A: Going Concern assumption- In this assumption, it is assumed that entity will run its business for…

Q: In an auditor's report the absence of any reference to a material uncertainty about the entity’s…

A: Going concern means the assumption of the entity that it will go on and would be able to pay off its…

Q: Which of the following report will be issued when the auditor concludes that there is scope…

A: The limitation of scope refers to the limitation on the things that can be performed by the auditor…

Q: What terms can be used to express an unmodified opinion on financial statements prepared in…

A: Financial statements are the reports those are presented by the business to the interested parties…

Q: Which paragraphs, if any, of the standard unqualified opinion, are auditing standards (i.e., GAAS)…

A: Which paragraphs,if any, of the standard unqualified opinion , are auditing standards ( i.e.,GAAS)…

Q: Unmodified opinion refers to ______

A: In general audit option can be of two major types . They are  a) Unmodified b) Modified Opinion…

Q: examples of changes that affect consistency and

A: According to the consistency principle of accounting, an accounting policy or method should be…

Q: Distinguished between an an unmodified opinion, qualified, adverse opinion and disclaimer of…

A: Auditing is the process of identifying, classifying, summarising and analysing financial information…

Q: Answer the following multiple-choice questions. The authoritative status of the conceptual framework…

A: The authoritative status of the conceptual framework is as that It is used when there is no standard…

Q: prior to date of record. Which of the following statements is FALSE?

A: Statement (I) is true. This is because record date is the date on which all the shareholders…

Q: Which of the following circumstances requires the modification of both the auditor’s responsibility,…

A: Answer: Whenever there is no cooperation from management and limitation to audit, there is always…

Q: Something is deemed to be 'material' if its omission, non-disclosure or misstatement is likely to…

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

Q: Substantive procedure comprises of ____________ a. Test of details and analytical procedure. b. No…

A: Substantive procedures -  substantive procedures are performed by the auditors during the course of…

Q: An oral or written statement made by an out-of-court declarant that is offered in court by a witness…

A: Hearsay means a statement made otherwise than by a person while giving oral evidence in the…

Q: Identify situations in which language in the standard (unmodified) report is modified and the type…

A: Definition:

Q: The authoritative status of the conceptual framework is as follows. a.    It is used when there is…

A: International Financial Reporting Standards (IFRS): IFRS are a set of international accounting…

Q: The auditor shall never include in the same auditor’s report an unmodified opinion on a single FS…

A: If the auditor determines that it is essential to express an adverse opinion or disclaim an opinion…

Q: Distinguish between an unqualified report with an emphasisof-matter explanatory paragraph or…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: What are the major differences in wording for qualified opinions and adverse opinions issued asa…

A:

Q: What terms can be used to express an unmodified opinion on financial statements prepared in…

A: An unmodified opinion is expressed when the auditor concludes that financial statements are…

Q: S1: A client imposed scope limitation will generally result in a disclaimer of opinion S2: When…

A: An auditor shall at all times remain independent and shall have access to all the records and…

Q: In certain cases, the practitioner may issue review reports that include an Emphasis of Matter and…

A: An emphasis of matter paragraph should be included in the review report when the practitioner feels…

Q: r mod paragraph Cp

A: An auditor who is called an engagement partner(who has the responsibility to issue an opinion) must…

Q: Statement 1: When a CPA has concluded that action should be taken to prevent future reliance on his…

A: Financial statements refer to the written documents of a company that reflects all the transactions…

Q: 1. Which of the following is ordinarily true of a modification of the audit report by adding an…

A: SOLUTION- EMPHASIS OF MATTER PARAGRAPH - A PARAGRAPH INCLUDED IN THE AUDITOR'S REPORT THAT REFERS TO…

Q: A departure from GAAP could lead to a disclaimer of opinion. O True False

A: The acronym for GAAP is Generally Accepted Accounting Principles. GAAP is generally a set of…

Q: lf the summary FS are not consistent, in all material respects, the auditor shall express a…

A: Financial statements are the reports that tells the auditor about the financial health and…

Q: S1: The Basis for Opinion Paragraph should always be presented after the Opinion Paragraph, but PSA…

A: S1- As per the provisions of PSA 700 (forming an opinion and reporting of financial statements),…