The adverse opinion indicates that the statements are not presented fairly or are materially non-conforming. Select one: True False
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The adverse 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. Select one: True FalseExplain your ans. Why other options are not correct...and do not give plagiarism answerIf 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
- the answer provided does not support the question. which makes the answer incorrect.What will the auditor do in respect of misstatement which in his opinion are immaterial? a. Give unmodified/unqualified opinion. b. Can’t form an opinion c. Give modified/qualified opinion d. Give an adverse opinionWhich 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.
- In a situation, where there is conflict of interest, making good decision requires all of the following except Choose correct answer a. Fairness b. Impartiality c. Objectivity d. NegligenceThe use of the word “prior” is a key indicator that information is nonrelevant to a current decision? True / FalseIn 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?
- Are KAMs allowed in reports disclaiming an opinion? In adverse opinions? a. Disclaimers Adverse Yes Yes b. Disclaimers Adverse No No c. Disclaimers Adverse Yes No d. Disclaimers Adverse No YesIn our discussion of the KPMG professional judgment framework, we pointed out that biased judgments can be made because of judgment tendencies. One such tendency that was not included in the framework is self-serving bias. Explain what you think this means and how it might influence audit judgment.Which of the following would not result in exposure to nonsampling risk?a. Measuring the characteristic of interest in an inappropriate manner.b. Selecting items that are not representative of the population of interest.c. Making an unintentional mistake in measuring the characteristic of interest.d. All of the above would result in exposure to nonsampling risk.