Accountants are permitted to express “negative assurance” in which of the following reports?a. Standard unmodified audit report on financial statements.b. Compilation report on unaudited financial statements.c. Review report on unaudited financial statements.d. Adverse opinion report on financial statements.

Q: ecause of inadequate records the auditor is uncertain as to whether the company’s major investment…

A: Auditing means the independent checking of company operation by outsider. Auditor is a qualified and…

Q: Auditors are not responsible for accounting estimates with respect toa. Making the estimates.b.…

A: Select the accounting policies and accounting estimates is the responsibility of the management to .…

Q: Before expressing an audit opinion on financial statements, an auditor should obtain what level of…

A: Assurance is the type of opinion which is given by the auditor at the conclusion of audit about the…

Q: A CPA audits the financial statements of an issuer. Which statement relating to CAMs is TRUE? a. If…

A: Critical Audit Matters which is also written as CAMs are the matters which arises from the audit and…

Q: A CPA is not independent with respect to a company’s financial statements. The CPA may issue what…

A: Audit report is the opinion expressed by the auditor after careful examination of the books of…

Q: ancial reporting framework on a single financial statement or one or more specific elements,…

A: An Auditor is an person who becomes an Auditor after getting professional accounting degree i.e…

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 noticed that the financ statements of XYZ Company were some footnotes important for…

A: Accounting Concept  are basic assumption,rules or principleyhat are mandatory and followed by a…

Q: ervasive effects on the financial

A: Pervasive misstatements are misstatement in financial statements that affect the essence of…

Q: All of the following are causes for the addition of an explanatory paragraph except for: Select one:…

A: Audit report contains the details about the findings of the auditor in the process of audit and…

Q: which of the following in not related to standards of reporting Select one: a. The report shall…

A: Report is a statement that is prepared by the auditor of the financial information. It includes the…

Q: How can a misstatement in one financial statement, whether intentional or not, affect a presentation…

A: Mis-statements in financial statements are errors or omissions of financial data or where the…

Q: If the auditor concludes that financial statements are not free from material misstatements and the…

A: Auditing refers to the art of inspecting and investigating financial accounts of a company. It is…

Q: An accountant need not assess compliance with independence rules duringa. An examination of…

A:

Q: In a review engagement the public accountant provides negative assurance in the report which is…

A: An limited assurance or negative engagement or review engagements are conducted by the auditor after…

Q: Which of the following is not an advantage of accounting standards? Select one:   a. All of the…

A: Accounting standards are designed for thr purposes of standardisation of accoutning and reporting…

Q: Which of the following is not a typical note included in the notes to financial statements? Group…

A: Notes to financial statements are necessary to report the assumption and methods applied while…

Q: require an explanatorylemphas matter paragraph in the audito report? *

A: Opinion based in part on the report of another auditor-This requires an emphasis of matter paragraph…

Q: When a client’s financial statements contain a material departure from an FASB Statementon…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: The conformance of the financial statements with PCAOB standards is included in the scope paragraph…

A: PCAOB: Public Company Accounting Oversight Board is an NPO which will regulate the auditors of the…

Q: f in the auditor’s judgment, management’s use of the going concern basis of accounting in the…

A: Under going concern concept, entity's financial statements are prepared on the assumption that the…

Q: The Auditor's Report

A: The auditor's report typically includes a statement of the responsibilities of the auditor and…

Q: When it is difficult to distinguish a change in accounting policy from a change in an accounting…

A: Accounting policies are the particular principles as well as procedures which are executed through…

Q: An opinion is a judgement, viewpoint, or statement that is not conclusive, rather than facts, which…

A: The question is multiple choice question Required  Choose the correct option.

Q: Pick correct option : If a company receives an unqualified audit opinion it means the auditors:…

A: An unqualified opinion is an independent auditor's judgment that a company's financial statements…

Q: : When client-imposed restrictions significantly limit the scope of the audit, the auditor generally…

A: Solution: True, When client-imposed restrictions significantly limit the scope of the audit, the…

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: During a review of a nonissuer’s financial statements, accountants are required to make…

A:

Q: Under what circumstances auditor may express an unqualified opinion? 1. The view presented by the…

A: Auditor's opinion refers to the report, which is issued to the management after a complete audit of…

Q: Accounting standards require that the statement of financial position be prepared on a classified…

A: Classified balance sheet: The main elements of balance sheet assets, liabilities, and stockholders’…

Q: s1: The auditor's report shall include a section with a heading "Responsibilities of Management for…

A: Solution: True,  The auditor's report shall include a section with a heading "Responsibilities of…

Q: Materiality arises when a misstatement in the financial statements could affect a decision of a…

A: In auditing, materiality is a concept used to determine the significance of financial statement…

Q: In which of the following cases should an Unqualified Report with Explanatory Paragraph be issued?…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…