Which one of the following is NOT a type of audit opinion? Qualified Opinion Adverse Opinion Diverse Opinion Disclaimer of Opinion Question 42

Q: 28.Which of the following statements is/are correct? Statement I. Current professional auditing…

A: External auditors is conducted to the companies to provide assurance to its shareholders, creditors,…

Q: A qualified audit report (qualified opinion) would usually be issued when a client's financial…

A: Qualified Audit Report means an auditor have opinion that some accounting treatments need…

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: 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: 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: 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: When an auditor qualifies an opinion because of inadequate disclosure, the auditor should describe…

A: An auditor auditing the financial statement is required to those proper disclosures have been made.…

Q: What will the auditor do in respect of misstatement which in his opinion are immaterial? a. Give…

A: Unmodified Opinion is issued when there are no material misstatements.

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: 22. When expressing a qualified opinion, the auditor should include a separate explanatory paragraph…

A: Audit is the complete process of checking and verifying the authenticity and accuracy of financial…

Q: which type of audit report the client prefer : Select one: a. unqualified b. disclaimer c. adverse…

A: Disclaimer is given when the auditor disclaims from forming an opinion due to insufficient evidence.…

Q: Which of the following opinions would be issued if auditors believed that the entity’s financial…

A: The audit report offers a summary for a given fiscal year of a company's financial performance.

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: Substantive tests procedures are chosen based on the assertion(s) for which the auditor seeks…

A: Substantive procedures (or substantive tests) are those activities performed by the auditor to…

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

A: Unqualified report with modified wordings means with the view of auditor, the financial statement…

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: Under which section of the audit report the matters that pose challenges to the auditor in obtaining…

A: "Key audit matters" is the section of the audit report that contains the issues that the auditor…

Q: Why might an auditor issue a disclaimer of opinion after an audit? A. All of these may cause an…

A: Disclaimer of opinion: The disclaimer of opinion is the opinion given by the auditor on the…

Q: 46 Which one of the following types of audit opinion is provided in the clean report? a. Qualified…

A: Auditing means the independent checking of company operation by outsiders. The auditor is qualified…

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: Why might an auditor decide to disclaim an opinion?

A: Audit refers to the process of reviewing the controls and processes that can be used further by the…

Q: 93-94 Whenever an auditor issues a qualified report, he or she  Group of answer choices  a. must…

A: SOLUTION- WHENEVER AN AUDITOR ISSUES A QUALIFIED REPORT , HE OR SHE MUST "USE THE TERM SUBJECT TO IN…

Q: How is the auditors’ standard (unmodified) report modified for qualified or adverse opinionsissued…

A: The auditors usually issue an unmodified only in case of disclosures and accounting policies…

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: Which of the following report will be issued when the auditor concludes that there is scope…

A: The limitation of scope refers to the limitation on the things that can be performed by the auditor…

Q: 41. Which of the following statements is/are correct? Statement I. Current professional auditing…

A: Internal auditors are the auditors appointed by the company to look after the affairs of the company…

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

A: Unmodified Opinion is given by the auditor when all the financial statements are presented fairly in…

Q: If the auditors encounter a significant scope limitation in evaluating a public company's internal…

A: If the auditors encounter a significant scope limitation in evaluating a public company's internal…

Q: If a material exception relates to a departure from PFRSs, the auditor may issue either: A.…

A: Solution: If a material exception relates to a departure from PFRSs, the auditor may issue either…

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: 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: the group engagement partner decides that the component auditor cannot access sufficient ppropriate…

A: a) The group engagement partner has decided that component auditor cannot access the evidence…

Q: when the auditor lack independence he or she will issue disclaimer opinion Select one: True False

A: Ans. Auditor's independence at work is very crucial as it assists in discharging his duties properly…

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: In audit reporting, what does an unqualified opinion mean?

A: Answer are as follows

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: 36 Which one of the following options is the basis for opinion for an auditor? a. Only Sufficient…

A: Auditing means the independent checking of the company's operation by an outsider person known as an…

Q: Independence

A: Correct Answer :- B Independence

Q: The auditor shall never include in the same auditor’s report an unmodified opinion on a single FS…

A: If the auditor determines that it is essential to express an adverse opinion or disclaim an opinion…

Q: An auditor obtains evidence regarding the assertion of Completeness by sending confirmations.…

A: Solution Concept External confirmations               Confirmation request is sent to the third…

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 are the major differences in wording for qualified opinions and adverse opinions issued asa…

A:

Q: lf the summary FS are not consistent, in all material respects, the auditor shall express a…

A: Financial statements are the reports that tells the auditor about the financial health and…

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: How does a qualified opinion by an auditor differ from an unqualified opinion or an adverse opinion?

A: A qualified opinion is a statement which is issued in the auditor’s report along with the financial…

Q: What is the wording for a disclaimer of opinion?

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

Loanable Funds Theory

The loanable funds theory is a neoclassical theory that determines the interest rate where the demand for loanable investments and supply of loanable funds intersect. To determine the interest rate, this theory employs linear regression and a demand curve. At the equilibrium point, demand for borrowings and demand for the issuance of borrowing funds are inextricably linked. This point of equilibrium should equalize demand and the supply of money available for borrowing.