The standard uniquified audit report Select one: a. is sometimes called a disclaimer report b. can be issued only with an explanatory paragraph c. can be issued if only a balance sheet and income statement are included in the financial statements. d. is sometimes called a clean opinion

The standard uniquified audit report Select one: a. is sometimes called a disclaimer report b. can be issued only with an explanatory paragraph c. can be issued if only a balance sheet and income statement are included in the financial statements. d. is sometimes called a clean opinion

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

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 16MCQ

See similar textbooks

Related questions

Q: Which of the following case, an audit opinion with unqualified Report with Modified Wording will be…

A: Sometimes a company can receive unqualified report, but it is unlike the other unqualified report as…

Q: Accountants are permitted to express “negative assurance” in which of the following reports?a.…

A: Auditing is the examination or inspection of the books of accounts or the financial statements by an…

Q: NASDAQ listing standards require the audit committee to review major issues regarding accounting…

A: Auditor refers to an individual whose main job is to physically collect and investigate all the…

Q: The level of assurance the auditor should obtain to know whether the information contained in the…

A: Audit is the review and examination of books of account and financial information of the business in…

Q: Select the necessary words from the list of possibilities to complete the following statements:…

A: Answer - 1. If the auditors have examined the prior year's financial statements presented for…

Q: The auditor may add an explanatory paragraph to the unqualified audit report in the following…

A: GAAP - It is termed as Generally accepted accounting principle. It is basically an accounting…

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: Accounting & Finance - Auditing Question 5: Discuss the audit expectation gap. Your answer should…

A: The expectation gap is the dissimilarity among the actual and real roles and responsibilities of…

Q: Departures from GAAP. For each of the following departures from GAAP, indicate thetype of opinion…

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

Q: Other matters to which the auditor may wish to refer in an Other Matter(s) paragraph but which are…

A: The Other Matter paragraph is the audit report is written to communicate all the necessary matters…

Q: B. For each of the following independent scenario, discuss the issue and describe the impact on the…

A: If there is an error in the financial statement then, the auditor should discuss it with the…

Q: which of the following in not related to standards of reporting Select one: a. The report shall…

A: Report is a statement that is prepared by the auditor of the financial information. It includes the…

Q: 1. Based on the nature evidence, it is likely that the auditor will at least be convinced that the…

A: Hello. Since your question has multiple parts, we will solve first question for you. If you want…

Q: Corrective action has been taken by an auditee immediately after the identification of a reportable…

A: Auditors may come across various errors which they may refer to the management. Management also…

Q: Other changes may affect comparability but not consistency in the use of accounting principles and…

A: The question is related to Auditing. Accounting Principles are specific guidelines and principles…

Q: An opinion is a judgement, viewpoint, or statement that is not conclusive, rather than facts, which…

A: The question is multiple choice question Required Choose the correct option.

Q: Unusual Items:

A: (Note: Since you have posted multiple questions, we will solve the first question for you. For the…

Q: TRUE or FALSE 1. The overall objectives varies from one audit engagement to another hence the…

A: Audit engagement : From identifying the objectives of auditing the client operations and…

Q: Which of the following services provides the lowest level of assurance on a financial statement…

A: An assurance on financial statements refers to the confidence of the user in the financial statement…

Q: n, which of the following should be included in the opinion paragraph? The reasons the…

A: The Generally Accepted Accounting Principles (GAAP ) are a collection of accounting rules and…

Q: financial statement audit is a matter of debate. Someargue that the existence of a DRP is irrelevant…

A: Enterprise continuity planning includes the whole organization, whereas disaster recovery…

Q: S1: PSA 700 requires a strict order of the elements of an independent auditor's report S2: All audit…

A: Solution: True, PSA 700 requires a strict order of the elements of an independent auditor's report…

Q: Which type of audit report specifies that financial statements do not present fairly the financial…

A: The audit is required to be conducted so as to examine the accuracy of the books of accounts,…

Q: REVIEW QUESTIONS I What are the basic elements in a standard auditor's report on financial…

A: “Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Audit Evidence can be in the form of the following, EXCEPT: a. Observation b. Any of the options…

A: Audit is the process of examining and verifying books of accounts and financial information and…

Q: In which of the following cases should an Unqualified Report with Explanatory Paragraph be issued?…

A: Auditing means the independent checking of company operation by outsider. Auditor is qualified and…

Q: Evidence is generally considered appropriate when: Select one: a. it has been obtained by random…

A: The question is multiple choice question Required Choose the Correct Option

Q: The audit reporting requirements for comparatives discuss the following I. Prior period financial…

A: The audit reporting requirements for comparatives discuss the following: 1. If the prior financial…

Q: STATEMENT 1: Audit documentation provide the principal support for the auditor's opinion on the…

A: Solution: 1. True, audit documentation provide the principal support for the auditor's opinion on…

Q: For which of the following events would an auditor issue a report that does not make any reference…

A: An auditor is appointed to check the accuracy of the financial statement prepared by the company.

Q: The following are two specific balance-related audit objectives inthe audit of accounts payable. The…

A: Audit is an assessment of the financial statements in which, an independent auditor checks whether…

Q: {Auditing} 15. Find the nature of materiality if the client incorrectly selects and applies…

A: The nature of materiality refers to the fact that the information included in the financial…

Q: : The auditor's report on the group financial statements shall not refer to a component auditor,…

A: Solution: True, The auditor's report on the group financial statements shall not refer to a…

Q: As Review of Financial Statements under SSARS is not considered an audit engagement the accountant…

A: The review of financial statements can be defined as the conclusion provided by the accountant based…

Q: asarju for Sem III 202 General / BAAC4203 Auditing and Control-2 FINAL EXAM If the auditor concludes…

A: ‘’Since you have asked multiple questions, we will solve the first question for you. If you want any…

Q: Describe the audit opinion that should be given and explain why. a)When the client is not a going…

A: Going concern assumption is a basic assumption used for the preparation of financial statements.…

Q: Elaborate the difference between material effect of misstatement and pervasive effect of…

A: Misstatement occurs when the financial statements are not presented fairly in all material aspects,…

Q: An unqualified opinion: a) is given when there is a conflict of interest. b) is one made without…

A: Introduction:- The followingtypes of auditor opinions are as follows under:- Unqualified opinion.…

Q: List of matters normally communicated to those charged with governance includes: a) The overall…

A: a) The overall approach and scope of the audit, including any limitations on the scope of the audit.…

Q: 25. Which of the following would not be included in an accountant's review report on the financial…

A: Accountant's Review Report - Accountant's Review report includes report on financial information,…

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: In the auditor's judgement, management's use of going concerm basis of accounting is appropriate,…

A: As per standards on auditing , If the adequate disclosure is not made in the financial statement…

Q: The standard compilation report includes which statement or phrase?(1) A compilation is…

A: Compilation report refers to a company's financial statement that have been prepared or compiled by…

Q: when the auditor discover a misstatement in the financial statement and this misstatement is…

A: The auditing will be conducted to find whether there are any errors or mistakes in the financial…

Q: A review service engagement involving unaudited financial statements involvesa. More work than a…

A: Review Engagement:- It is a type of engagement that helps in providing a limited level of assurance…

Question

Expert Solution

This question has been solved!

Explore an expertly crafted, step-by-step solution for a thorough understanding of key concepts.

SEE SOLUTION Check out a sample Q&A here

EXPALANATION

VIEW

ANSWER

VIEW

Step by step

Solved in 2 steps

SEE SOLUTION Check out a sample Q&A here

Knowledge Booster

Learn more about

Need a deep-dive on the concept behind this application? Look no further. Learn more about this topic, accounting and related others by exploring similar questions and additional content below.

Similar questions

Which item regarding an Emphasis of Matter paragraph is true? a. The auditor will use the E of M to restrict distribution of the audit report. b. The auditor will use the E of M when the client has corrected an error in the previous financial statements. c. An E of M will be used when a material error exists in the current financial statements. d. The E of M paragraph is usually located immediately before the opinion paragraph. e. The E of M paragraph would be used to discuss a client's change in the method to estimate bad debts.
Audit standards distinguish auditors’ responsibility for planning procedures for detecting noncompliance with laws and regulations havinga direct effect on financial statements versus planning procedures for detecting noncompliance with laws and regulations that do not have a direct effect on financial statements.Required:a. What are the requirements for auditors to plan procedures to detect direct-effect compliance versus indirect-effect compliance?b. For each of the following instances of noncompliance, explain why they are either directeffect (D) or indirect-effect (I) noncompliance:1. A manufacturer inflates expenses on its corporate tax return.2. A retailer pays men more than women for performing the same job. 3. A coal mining company fails to place proper ventilation in its mines.4. A military contractor inflates the overhead applied to a combat vehicle.5. An insurance company fails to maintain required reserves for losses.6. An exporter pays a bribe to a foreign government…
Which of the following statements about materiality is incorrect? the preliminary assessment of materiality guides audit planning and testing materiality is used to guide the validity of information contained in the financial report materiality is a key auditing concept that is assessed during the planning stage of every audit information is considered material if it has no impact on the decision-making process of financial report users
The following are two specific balance-related audit objectives inthe audit of accounts payable. The list referred to is the list of accounts payable takenfrom the accounts payable master file. The total of the list equals the accounts payablebalance on the general ledger.1. All accounts payable included on the list represent amounts due to valid vendors.2. There are no unrecorded accounts payable.a. Explain the difference between these two specific balance-related audit objectives.b. Which of these two specific balance-related audit objectives applies to the generalbalance-related audit objective of existence, and which one applies to completeness?c. For the audit of accounts payable, which of these two specific balance-related auditobjectives is usually more important? Explain
Directions: Please select the appropriate answer on the statement below;B - If the statement is trueS - When the statement is false or part of the statement is false The audit report date is the last date when all audit procedures have been performed
For each of the general audit procedures of (1) recalculation, (b) observation, (c) confirmation (accounts receivable, securities, or other assets),(d) inquiry, (e) inspection of internal documents, (f) recalculation, (g) reperformance, and (h) analytical procedures, Discuss one way the procedure could be misapplied or the auditorscould be misled in such a way as to render the work (audit evidence) misleading or irrelevant.
A CPA audits the financial statements of an issuer. Which statement relating to CAMs is TRUE? a. If the auditor determines that no CAMs existed, the audit report includes a paragraph defining CAMs and stating that no Cams existed. b. CAMs are not required to be communicated to the TCWG (Audit Committee). c. CAMs usually alter the opinion on the financial statements. d. CAMs involve matters of most significance to the audit. e. The paragraph discussing a discovered CAM should not include how the CAM was addressed in the audit.