Qualified opinion indicates that the statements are not presented fairly or are materially non-conforming. Select one: True False
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Qualified opinion indicates that the statements are not presented fairly or are materially non-conforming.
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- The adverse opinion indicates that the statements are not presented fairly or are materially non-conforming. Select one: True FalseWhich of the following does not apply to the term "true and fair"? a. Accurate b. Clear C . Factual d. UnbiasedDistinguished between an an unmodified opinion, qualified, adverse opinion and disclaimer of opinion. Be sure to indicate the conditions that would require each opinion.
- In 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?Explain your ans. Why other options are not correct...and do not give plagiarism answerWhich 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…Describe the term Legitimized disagreement and skepticism?Inquiry and observation are applicable to gather evidence about a policy or procedures that does not provide documentary evidence. TRUE OR FALSE? WHY?
- 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 OpinionThe "other information" is included in the audit opinion, or is it excluded? Justify your choice.the answer provided does not support the question. which makes the answer incorrect.