The issuance of a disclaimer of opinion generally indicates: the auditors cannot form an opinion on the fairness of presentation of the financial statements as a whole. the auditors have some uncertainties, but these uncertainties are not so material that they cannot form an opinion on the fairness of presentation of the financial statements as a whole. the auditors have observed a departure from GAAP but the departure is not of sufficient materiality to justify a qualified opinion. the auditors have observed a departure from GAAP that is so material and pervasive that a qualified opinion is not justified.
The issuance of a disclaimer of opinion generally indicates: the auditors cannot form an opinion on the fairness of presentation of the financial statements as a whole. the auditors have some uncertainties, but these uncertainties are not so material that they cannot form an opinion on the fairness of presentation of the financial statements as a whole. the auditors have observed a departure from GAAP but the departure is not of sufficient materiality to justify a qualified opinion. the auditors have observed a departure from GAAP that is so material and pervasive that a qualified opinion is not justified.
Auditing: A Risk Based-Approach to Conducting a Quality Audit
10th Edition
ISBN:9781305080577
Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Chapter15: Audit Reports On Financial Statements
Section: Chapter Questions
Problem 26MCQ
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Question 5
The issuance of a disclaimer of opinion generally indicates:
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the auditors cannot form an opinion on the fairness of presentation of the financial statements as a whole. |
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the auditors have some uncertainties, but these uncertainties are not so material that they cannot form an opinion on the fairness of presentation of the financial statements as a whole. |
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the auditors have observed a departure from GAAP but the departure is not of sufficient materiality to justify a qualified opinion. |
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the auditors have observed a departure from GAAP that is so material and pervasive that a qualified opinion is not justified. |
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