Which of the following case, an audit opinion with unqualified Report with Modified Wording will be issued? 1) Auditor doubt about the going concern assumption is valid 2) Auditor think the financial statements are materially misstated 3) Lack of consistent application of GAAP 4) The auditor is unable to obtain sufficient appropriate evidence

Q: What will the auditor NOT consider when reaching a conclusion on the results of substantive…

A: The answer for the multiple choice question and relevant explanation are presented hereunder : The…

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: Various Reporting Situations. For each of the following situations, indicate the type of opinion(s)…

A: In the above situation, the departures stated are not materialistic. Hence, auditors can issue an…

Q: b. A reply from a receivable confirmation letter received from the customer through the client is…

A: Confirmation letters are part of audit procedure and are sent to outside parties to confirm certain…

Q: the auditor to doubt the reliability of one or more written representations? I. One or more written…

A: Written representation are obtained as a direct written response from the management, only to…

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: Which of the following is correct about unmodified audit opinion? O a. Opinion issued once auditors…

A: Auditing: The process of examining the accuracy of the information reported in the books of accounts…

Q: The auditor must obtain which audit evidence to draw reasonable conclusion a. Appropriate audit…

A: Option D is the correct answer i.e Sufficient and appropriate audit evidence.

Q: The auditor will issue un-qualified audit report with explanatory paragraph when: Select one: a. The…

A: Auditor need to verify whether the financial statement is giving a true and fair view of the…

Q: Which of the following statements is not true with respect to the performance principle?a. Auditors…

A: Answer:   Option a.

Q: Mr. Mohammed, the auditor of Sunrise LLC planned the audit properly and performed it in accordance…

A: Audit risk is the risk that  the financial statements may contain misstatements even though auditor…

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: 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: The auditor has considerable responsibility for notifying users as to whether or not the statements…

A: Audit: It is the independent examination of books of accounts of the company with the motive to…

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

A: The audit is an independent examination of the financial information of an entity whether…

Q: Which of the following elements must Hex prove to hold West liable?a. West rendered its opinion with…

A:

Q: An auditor would issue an adverse opinion if: * The audit was begun by other O independent auditors…

A: An audit opinion refers to the statement given by the auditors on the financial statements of an…

Q: In practice, auditors issue a significant number of modified audit opinions for departures from GAAP…

A: The given statement is True..... A qualified opinion is expressed when auditors issue a significant…

Q: When a contingency is resolved subsequent to the issuance of audited financial statements, which…

A: A contingency is a character or any rationally possible losses and any pledges, including highest…

Q: Risk of incorrect acceptance is defined as _______.     the risk that the auditor concludes that a…

A: Risk of incorrect acceptance may be defined as situation where audit sample supports a conclusion…

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: Which of the following characteristics is not considered essential to good audit evidence? a.…

A: The audit is a process of examining the financial statements of the business , other records and…

Q: Incorporating elements of unpredictability in the selection of audit procedures to be performed by…

A: Audit Procedures: The particular and specific procedures undertaken by auditors to procure evidence…

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: The risk that the auditors’ own testing procedures will lead to the decision that…

A:

Q: In a financial statement audit, inherent risk represents a. The risk that misstatements could occur…

A: In financial and managerial accounting, Inherent risk is that the risk expose by a slip-up or…

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: Which of the following statements concerning the independent auditor's required communication of…

A: 1. Weaknesses that had been reported in prior years' communications and have not been corrected need…

Q: ment of materiality guides audit planning and testing   materiality is used to guide the validity…

A: To find the incorrect option as,

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: Which of the following factors are to be considered by the auditor to express a modified audit…

A: Auditor's opinion is based on the review of the financial statements of a company. An auditor's…

Q: Which of the following statements is incorrect?

A: In order to authenticate the financial statements which has been prepared by the company and in…

Q: Which of the following statements concerning audit evidence is true?(1) To be appropriate, audit…

A: The auditor should form a reasonable opinion based on the appropriate and sufficient audit evidence.…

Q: Which of the following statements is not a correct statement regarding audit evidence? Select one:…

A: Audit evidence Audit evidence can be defined as the evidence that a company obtains during the…

Q: An opinion based in part on the report of another auditor requires a modified wording in the…

A: Audit is the process of checking and verifying the authenticity of financial statements which are…

Q: 8. In which of the following situations would an auditor originally choose between expressing a…

A: Qualified opinion: A qualified opinion can be issued by the auditor in the following two cases:…

Q: Which of the following would not require an explanatorylemphasis-of-matter paragraph in the…

A: Auditor's Report: It is a report which contains independent opinion of an auditor regarding…

Q: . To express an opinion on financial statements, the auditor obtains reasonable assurance about…

A: Opinion of the auditor: To express an opinion on financial statements, the auditor obtains…

Q: Which of the following statements is correct about the reliability of audit evidence? a.…

A: Audit evidence means evidence or supportings that is obtained by auditor during the course of audit.…

Q: For each of the general audit procedures of (1) recalculation, (b) observation, (c) confirmation…

A: Audit procedures:  the procedures of audit are those techniques or processes which the auditors…

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: It is always a good idea for auditors to begin an audit with the professional skepticism…

A: option (a) is the correct answer.

Q: From the options given below which of the document is included by an auditor in the audit…

A: Audit is independent verification of the financial statements by an auditor, where the auditor…

Q: Which of the following recognizes that an audit conducted under generally accepted auditing…

A: Reasonable assurance: It is the high level of assurance that material misstatement may not deduct on…

Q: Sufficient and appropriate evidence is the focus of the third field work standard. * O True O False…

A: Audit is referred as an examination of the different books of accounts through an auditor that…

Q: Which of the following statements is incorrect? A. As the risk of material misstatement in the…

A: It is important for the Auditors to detect the material misstatement which are involved to the…

Q: 1)Which of the following factors most likely would cause an auditor to decline a new audit…

A: Solution Note : As per the Q&A guideline we are required to answer the first question only .…