When the auditor expresses an unqualified opinion, a separate paragraph is added to the report before the opinion paragraph. O True O False
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- Give one example each of when an auditor might render an unmodified opinion and include an emphasis-of-matter paragraph and an other-matter paragraph. What is the value of such paragraphs in the audit report?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.Fill in the blank: When issuing a modified audit opinion under AICPA standards, the auditor adds an explanatory paragraph ____ the opinion paragraph in the auditor’s report.
- The statement that the auditor believes that the audit evidence obtained is sufficient and appropriate to provide a basis for the auditor's opinion is in what section of the new auditor's report? a.Responsibilities for the Financial Statements. b.Basis for Opinion. c.Auditor's responsibility. d.Opinion Paragraph.Identify the three types of modification to an auditor’sopinion on financial statements according to ISA705‘Modifications to the Opinion in the Independent Auditor’sReport’ and please explain how they are determined.Which of the following is not a condition before an auditor may add Emphasis of Matter paragraph in the auditor’s report?a. Matter is already fully disclosed in the financial statements.b. No material misstatement exists.c. Not result to modification of opinion.d. Be placed immediately after the opinion.
- identify the basic types of audit reports other than the standard unqualified audit report and explain the circumstances under which each type of the report is appropriate.When financial statements contain a departure from GAAP because, due to unusual circumstances, the statements would otherwise be misleading, the auditor should explain the unusual circumstances in a separate paragraph and express an opinion that is....... Select one: a. Adverse. b. Qualified. c. Qualified or adverse, depending on materiality. " d. Unqualified.