when the auditor discover a misstatement in the financial statement and this misstatement is considered as material and will affect the overall financial statement fairness , the auditor will issue a : Select one: a. Qualified opinion b. Modified wording opinion c. unqualified with emphasis of matter d. Adverse opinion

Q: preliminary judgement about materiality is the ______________ amount by which the auditor believes…

A: Materiality: Materialiity is the threshold above which missing or incorrect informatiion within the…

Q: Define risk of material misstatement. At what level of the financial statements do auditors measure…

A: Since you have posted a question with multiple sub-parts, we will solve first three subparts 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: Discuss various type  of opinion is issued by the auditorr if he or she is unable to determine the…

A: Introduction: Auditing is the process of recognizing, verifying, and continue to study all…

Q: Which one of the following opinion will be issued by the auditor, if the misstatement in the…

A: Types of Auditor's Opinion : There are the four types of Auditor's opinion    Disclaimer : If the…

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: While performing your audit of Williams Paper Company, you discover evidence that indicates that…

A: Going Concern: A going concern is a word used in accounting to describe a corporation that has the…

Q: Which of the following statements are True i. The auditor has a responsibility to plan and perform…

A: Option The auditor has a responsibility to plan and perform the audit so as to obtain reasonable…

Q: In which one of the following circumstances is the improper description of accounting policies and…

A: A error or misstatement in a financial statement is said to be material if it can affect the…

Q: What category of audit report will be issued if the auditor concludes that the financial…

A: Given: The issue to the auditors if the unfair financial statements are concluded.

Q: When the financial statements are fairly stated but the auditor concludes there is substantial doubt…

A: Auditors report is defined as the formal outcome of audit conducted by internal or external…

Q: An adverse opinion is most likely to be included in an audit report when   Multiple Choice   A…

A: There are 4 types of audit opinions.  1.unqualified  2.Qualified 3.Disclaimer 4.Adverse opinion

Q: What is the appropriate nature of opinion when the auditor having obtained sufficient appropriate…

A: The auditor will express an Adverse opinion when the auditor obtains all the necessary proofs and…

Q: If the auditor concludes that financial statements are not free from material misstatements and the…

A: Auditing refers to the art of inspecting and investigating financial accounts of a company. It is…

Q: The auditor shall express what kind of opinion when the auditor, having obtained sufficient…

A: Auditor will review the financial statements of a firm and perform auditing procedures, where the…

Q: If the auditor performing an integrated audit identifies one or more material weaknesses in a…

A: Material weakness is defined as a deficiency or the combination of deficiencies in the company…

Q: What factors should the auditor take into consideration before concluding that a financial statement…

A: Financial statements should give crucial information to any interested user of financial data so…

Q: e been misleading

A: Generally Accepted Accounting Principles refer to a systematic set of laws and policies used in…

Q: when the auditor find that the financial statement are not present fairly in all material respect .…

A: An auditor is appointed to check the accuracy of the financial statements of the company. After…

Q: If the auditor expresses an adverse or disclaimer of opinion on the complete set of…

A:

Q: When a client’s financial statements contain a material departure from an FASB Statementon…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: The SEC notes, with respect to materiality, that Group of answer choices Professional judgment…

A: The auditor is responsible for forming an opinion on the financial statement audited. The auditor…

Q: Explain why the auditor can be persuaded only with a reasonable level of assurance, rather than…

A: Auditor refers to the person who analyzes a company's financial statements by using evidence…

Q: f in the auditor’s judgment, management’s use of the going concern basis of accounting in the…

A: Under going concern concept, entity's financial statements are prepared on the assumption that the…

Q: Which of the following statements is incorrect? Modified opinion is a qualified opinion, an adverse…

A: As per Bartleby Guidelines, only the first question will be answered since they are independent of…

Q: Auditors allocate the preliminary judgment about materiality to financial statement segments rather…

A: Audit:   It is an independent examination of the financial information of an organization to test…

Q: Which of the  factors below does not have to be  considered by the auditor in determining the Key…

A: Key audit matters (KAM) are the significant matter which was found during the audit of the financial…

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: When the auditor identifies that a key control absent he/she would most probably: Select one: a.…

A: d.  Issue a qualified or disclaimer of opinion on internal controls over financial reporting.…

Q: Which of the following is not included in the specific objectives of the auditor under ISA 250? a.…

A: Following is the answer to the given question

Q: Discuss various type  of opinion is issued by the auditorr if he or she is unable to determine the…

A: Introduction: Auditing is the process of finding, verifying, and continuously analyzing all…

Q: {Auditing} 42. Identify an alternative which is not a material misstatement from the following and…

A: Auditing The purpose of conducting the auditing is to identify the errors and omission which are…

Q: In an adverse opinion is expressed on the audited FS, the auditor shall express a disclaimer of…

A: Auditor opinion is statement the statement by independent auditor on finalizing statement of entity.…

Q: Most auditors believe that financial statements are "presented fairly" when the statements are in…

A: Auditing evidence is the data gathered for survey of an organization's monetary transactions, inside…

Q: What is the appropriate nature of opinion when the auditor is unable to obtain sufficient…

A: Auditor's opinion is a report based on the audit of a company's financial statement. Therefore, it…

Q: The issuance of a disclaimer of opinion generally indicates:     the auditors cannot form an…

A: A disclaimer of opinion by auditor indicates that auditor will not provide any opinion on the…

Q: The auditors determined that the entity is suffering financial difficulty and its going-concern…

A:

Q: What type of opinion is issued by the auditor if he or she is unable to determine the overall…

A: Introduction: The process of checking, validating, and conducting an investigation of all financial…

Q: What do auditors consider when determining the extent to which the internal auditors’ work will…

A: Risk of Material Misstatement: Material misstatement risk is the possibility that an organization's…

Q: The Auditor prepares a disclaimer of opinion: a. When he cannot find any misstatement in the report.…

A: A clean or unqualified opinion is made by an auditor when the auditor cannot find any discrepancy or…

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: What tyype of opinion is issued by the auditor if he or she is unable to determine the overall…

A: Introduction: In an audit report, an auditor's opinion is conveyed. An initial portion of the audit…

Q: when the auditor want to assure that There are no unrecorded receivables. What assertion he or she…

A: Answer  Completeness means All transactions are recorded and all related disclosures are included in…

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: 2) During the audit of a client you come to the conclusion that there is minimal likelihood that…

A: The auditor is appointed to form an opinion on the financial statement examined. The auditor is…