Which paragraphs, if any, of the standard unqualified opinion, are auditing standards (i.e., GAAS) and GAAP standards referenced? Auditing Standards GAAP Standards A. Not Řeferenced Opinion B. Basis for Opinion Opinion C. Opinion Basis for Opinion D. Opinion Not Referenced

Which paragraphs, if any, of the standard unqualified opinion, are auditing standards (i.e., GAAS) and GAAP standards referenced? Auditing Standards GAAP Standards A. Not Řeferenced Opinion B. Basis for Opinion Opinion C. Opinion Basis for Opinion D. Opinion Not Referenced

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: The "other information" is included in the audit opinion, or is it excluded? Justify your choice.

A: In accounting, auditing is the act of evaluating the financial statements of a corporate entity to…

Q: Audit report consist on several paragraphs, which of the following is the correct option in context…

A: Audit report consist of: Title Addressee Opinion Basis for Opinion Management responsibility…

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: What type of audit opinion is preferred when analyzing fi nancial statements? C . Unqualifi ed.

A: Audit opinion: Audit opinion can be defined as an opinion formed by an independent auditor based…

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: What type of audit opinion is preferred when analyzing fi nancial statements? B . Adverse.

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

Q: Describe the parts of thestandard unqualified audit reportfor non-public entities underAICPA…

A: Definition: Auditor: An auditor is an accounting professional hired by a company to review the…

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: What are the purposes of the opinion paragraph in the auditor’sreport? Identify the most important…

A: SOLUTION:- The purpose of the opinion paragraph in the auditor’s report is to provide the auditors…

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 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: When the auditor expresses an unqualified opinion, a separate paragraph is added to the report…

A: An Auditor will express an unqualified opinion when financial statements are prepared in all…

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: Meaning and difference between the permanent audit file and the current audit file?

A: Permanent audit files: Permanent audit files are the records that are used to preserve the documents…

Q: ctiveness and audi

A: Given: To explain the association of audit committee effectiveness and quality after adoption of…

Q: itor to modify the opinion in accordance with ISA 705 (Revised) Modifications to the Opinion of the…

A: Auditor's report refers to a report in which the auditor state that the financial statements…

Q: 15. Which of the following engagements is not covered by the pronouncements of AASC (Auditing and…

A: Auditing is the examination of books of accounts by the auditor for forming an opinion on 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: 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: Requirement: 1. Discuss the differences between the modified and unmodified audit reports. 2.…

A: 1.Difference between modified and unmodified audit reports. 2. Discuss the issue

Q: When information comes to the auditor's attention that raises substantial doubt about the entity's…

A: Qualified opinion is given where auditor believe that there are some mistakes and rest the financial…

Q: Which of the following is not the requirement of ISA 500? O a. Over-all audit strategy O b.…

A: ISA 500 on Audit Evidence describes the requirements about the audit evidence to be obtained while…

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: Please explain the qualified and unqualified audit report with appropriate examples

A: Auditing is the process under which a qualified experienced person with proper knowledge would be…

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: Which one of the following is NOT a type of audit opinion? Qualified Opinion Adverse Opinion Diverse…

A: The certification given by the professional called auditor on the financial statements of an entity…

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: Identify situations in which language in the standard (unmodified) report is modified and the type…

A: Definition:

Q: How will you explain the different types of audit opinion (e.g., Unqualified, Qualified, Adverse,…

A: Audit opinion refers to the opinion given by the auditor of the entity on examination of the…

Q: Regarding Target’s audit report:a. Who is Target’s auditor?b. Did Target receive a “clean”…

Q: The agreed terms of the audit engagement shall be recorded in, an audit engagement letter an audit…

A: Audit engagement letter states the scope of the audit and various responsibilities and conditions…

Q: What type of audit opinion is preferred when analyzing fi nancial statements? A . Qualifi ed

A: There are different types of audit opinion 1) Qualified 2) Adverse 3) Unqualified

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: identify the basic types of audit reports other than a standard unqualified audit report and explain…

A: Audit report: Audit report refers to a written opinion of the auditor regarding the company’s…

Q: The sufficiency and competency of evidential matter ultimately is based on the: Select one: a.…

A: An audit is a process of checking and verifying the books of account and financial information of…

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: Which part (paragraph) of the audit report appears first, according to new (ISA) auditing standards…

A: The audit is a process wherein the auditor examines and inspects that whether the financial…

Q: Define material scope restriction. Must a material scope restriction always lead to a modification…

A: Auditors need to collect sufficient audit evidence by external confirmation and internal 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: An item or information is said to be material if misstatement of which can influence the ___ a.…

A: A material misstatements refers to an incorrect information depicted on the financial statements.…

Q: advantages and disadvantages of a qualified audit opinion

A: Audit opinion is 4 types that are Unqualified opinion- In the opinion of independent auditor…

Question

Which paragraphs, if any, of the standard
unqualified opinion, are auditing standards
(i.e., GAAS) and GAAP standards referenced?
Auditing Standards GAAP Standards
A. Not Řeferenced Opinion
B. Basis for Opinion Opinion
C. Opinion Basis for Opinion
D. Opinion Not Referenced

Expert Solution

This question has been solved!

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

This is a popular solution!

SEE SOLUTION Check out a sample Q&A here

Step 1

VIEW

Step 2

VIEW

Trending now

This is a popular solution!

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

What type of audit opinion is preferred when analyzing fi nancial statements? A . Qualifi ed
Which part (paragraph) of the audit report appears first, according to new (ISA) auditing standards A. Opinion paragraph B. Scope paragraph C. Basis of opinion D. Key audit matters
“qualified audit report” and an audit report with a “disclaimer of opinion”. Please give explaination for both audit report with examples.
What type of audit opinion is expressed by an auditor performing a limited scope audit? Select one: a. Disclaimer b. Unqualified c. Qualified d. Adverse
hat does the standard audit report indicate about the audit's scope and the financial statement (i.e., whether or not it is presented fairly)?
The phrase “except for the possible effects of the matter described…” appears in an audit report. This could be what type of opinion? a. Qualified Adverse Disclaimer Yes Yes No b. Qualified Adverse Disclaimer Yes No No c. Qualified Adverse Disclaimer No No Yes d. Qualified Adverse Disclaimer No Yes No e. Qualified Adverse Disclaimer Yes Yes Yes
What category of audit report will be issued if the auditor concludes that the financial statementsare not fairly presented? A. qualified B. adverse C. standard unmodified opinion D. disclaimer
Regarding Target’s audit report:a. Who is Target’s auditor?b. Did Target receive a “clean” (unmodified) audit opinion?
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.
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.
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?
How will you explain the different types of audit opinion (e.g., Unqualified, Qualified, Adverse, and Disclaimer) to a layman?