EBK PRINCIPLES OF AUDITING & OTHER ASSU
21st Edition
ISBN: 9781260299434
Author: WHITTINGTON
Publisher: YUZU
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Question
Chapter 17, Problem 17RQ
To determine
Comment on the given statement whether you agree or not.
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Students have asked these similar questions
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.
An opinion based in part on the report
of another auditor requires a modified
wording in the standard unqualified
audit report.
True
O False
When an auditor is faced with a
material departure from GAAP
that is pervasive, which of the
following should the audit report
contain?
a.
b.
C.
d.
A disclaimer of
opinion.
A qualified opinion
with an explanatory
paragraph.
An adverse opinion.
An unqualified
opinion.
Chapter 17 Solutions
EBK PRINCIPLES OF AUDITING & OTHER ASSU
Ch. 17 - Prob. 1RQCh. 17 - What is the function of notes to financial...Ch. 17 - Prob. 3RQCh. 17 - Prob. 4RQCh. 17 - Prob. 5RQCh. 17 - Prob. 6RQCh. 17 - Prob. 7RQCh. 17 - Prob. 8RQCh. 17 - Prob. 9RQCh. 17 - Prob. 10RQ
Ch. 17 - Prob. 11RQCh. 17 - Prob. 12RQCh. 17 - Prob. 13RQCh. 17 - Prob. 14RQCh. 17 - Prob. 15RQCh. 17 - Prob. 16RQCh. 17 - Prob. 17RQCh. 17 - Prob. 18RQCh. 17 - Prob. 19RQCh. 17 - Prob. 20RQCh. 17 - Prob. 21QRACh. 17 - Prob. 22QRACh. 17 - Prob. 23QRACh. 17 - Prob. 24QRACh. 17 - Prob. 25AOQCh. 17 - Prob. 25BOQCh. 17 - Prob. 25COQCh. 17 - Prob. 25DOQCh. 17 - Prob. 25EOQCh. 17 - Prob. 25FOQCh. 17 - Prob. 25GOQCh. 17 - Prob. 25HOQCh. 17 - Prob. 25IOQCh. 17 - Prob. 25JOQCh. 17 - Prob. 25KOQCh. 17 - Prob. 25LOQCh. 17 - Prob. 26OQCh. 17 - Prob. 27OQCh. 17 - Prob. 28OQCh. 17 - Prob. 29OQCh. 17 - Prob. 30OQCh. 17 - Prob. 31OQCh. 17 - Prob. 32OQCh. 17 - Prob. 33PCh. 17 - Prob. 34PCh. 17 - Sturdy Corporation (a nonpublic company) owns and...Ch. 17 - Prob. 36PCh. 17 - Prob. 37PCh. 17 - Prob. 38ITCCh. 17 - Prob. 39ITCCh. 17 - Prob. 40RDC
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Similar questions
- “qualified audit report” and an audit report with a “disclaimer of opinion”. Please give explaination for both audit report with examples.arrow_forwardWhich 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.arrow_forwardIf it is necessary to amend other information in a document containing audited financial statements and the entity refuses to make the amendment, the auditor would consider issuing * A. Qualified or disclaimer of opinion B. Qualified or adverse opinion C. Unmodified opinion with no additional statement pertaining to the other information opinion D. Unmodified opinion with a statement pertaining to the other informationarrow_forward
- S1: A client imposed scope limitation will generally result in a disclaimer of opinion S2: When there is a significant question about a company's ability to remain a going concern, the report issued is usually unqualified with an explanatory paragraph. S3: When the auditors are unable to comply with generally accepted auditing standards, they should issue an opinion that is unqualified, but include an additional explanatory paragraph in the report. a. All statements are true b. All statements are false c. S1 and S2 are true d. S1 is truearrow_forwardS1: The phrase “PFRS or PFRS for SMEs” can be found in the opinion paragraph of a standard unqualified report. S2: Emphasis of Matter paragraph and Other Matter paragraphs result to modifications of auditor’s report and, therefore, the auditor’s opinion.a. Only S1 is true.b. Only S2 is true.c. Both S1 and S2 are true.d. Both S1 and S2 are false.arrow_forwardWhich 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 Referencedarrow_forward
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