Material disagreements with management will result in either: * O a qualified opinion or adverse opinion. an emphasis of matter or adverse opinion. an adverse opinion or an unqualified opinion. an unqualified opinion or a qualified opinion.
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- Qualified opinion indicates that the statements are not presented fairly or are materially non-conforming. Select one: True FalseWhen going concern assumption is appropriate, Auditor's opinion should be: a. disclaimer opinion b. Modified opinion c. Unmodified opinion d. Adverse opinionIf 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
- Something is deemed to be 'material' if its omission, non-disclosure or misstatement is likely to affect economic decisions or other evaluations made by users entitled to rely on the financial statements. Select one alternative: True FalseRegarding materiality, both amount and nature of misstatements should be considered. One of the inherent limitations of internal control is the lack of segregation of duties. Group of answer choices False, False True, True True, False False, TrueIn a compilation engagement, the practitioner does not need to consider materiality since itdoes not constitute an assurance engagement that requires conveyance of opinion orconclusion. True or False?
- the answer provided does not support the question. which makes the answer incorrect.The use of the word “prior” is a key indicator that information is nonrelevant to a current decision? True / FalseWhich of the following about materiality is NOT true? A. Information is material if, in determining a choice of action, a reasonable person would attach importance to it. B. A fact is only material if a reasonable person actually was influenced by the information. C. A fact that, if it have been correctly stated or disclosed, would have influenced the decision of the average prudent investor is material. D. Information about which an average prudent investor ought reasonably to be informed is material.
- TRUE OR FALSE When making materiality judgments, a quantitative assessment alone is not always sufficient to conclude that an item of information is not material Materiality judgments apply only to items that are recognized - but not to those that are unrecognized The more significant the qualitative factors are, the lower the quantitative thresholds will be. Thus, an item with a zero amount can be material in light of qualitative thresholds. When making materiality judgments, an entity should judge an item’s materiality only on its own and not in combination with other information in the complete set of financial statements The Conceptual Framework and the Standards specify a uniform quantitative threshold for materiality To meet the objectives of general-purpose financial reporting, a Standard sometimes contains requirements that depart from the Conceptual Framework The Conceptual Framework is concerned with the provision of financial information to both external users and internal…An unqualified opinion: a) is given when there is a conflict of interest.b) is one made without reservation.c) © is made when auditors are not fully qualified to audit the financial statements.d- is one made with reservationWhich statement is incorrect concerning the constraint on relevant and reliable information? * A. Information may be relevant but so unreliable in nature or representation that its recognition may be potentially misleading. B. The balance between benefit and cost is a pervasive constraint which means that the benefits derived from the information should exceed the cost of providing it. C. If there is undue delay in the reporting of information, it may lose its relevance and reliability. D. In achieving a balance between relevance and reliability, the overriding consideration is how best to satisfy the economic decision-making needs of users.