Choose the appropriate audit opinion from the following:...Choose the appropriate audit opinion from the following:• Adverse•Disclaimer• Qualified• UnmodifiedAuditors' judgment about the Pervasiveness of the Effects or Possible Effect on the Financial StatementsNature or Matter Giving Rise to the ModificationNot MaterialMaterial but notpervasiveMaterial and PervasiveScope limitationDeparture from GAAP

The objective of the question is to determine the appropriate audit opinion based on the auditors'…

Answered: Choose the appropriate audit opinion…

FINANCIAL ACCOUNTING

10th Edition

ISBN:9781259964947

Author:Libby

Publisher:Libby

Chapter1: Financial Statements And Business Decisions

Section: Chapter Questions

Problem 1Q

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Question 2 If the auditors encounter a significant scope limitation in evaluating a public company's internal control over financial reporting, which of the following types of opinions on the effectiveness of the comapny's internal control would be appropriate?: Unqualified Qualified disclaimer Adverse
85 Which of the following circumstances requires the modification of both the auditor’s responsibility, and the auditor’s opinion paragraphs of the auditor’s report? Group of answer choices Limitation on the scope of audit that results to qualified opinion. Auditor’s disagreement with the client management on accounting policies that requires qualified opinion. Inadequate disclosures that requires qualified opinion. Disagreement with the client management regarding accounting policies that requires adverse opinion.
Disclaimer of opinion rendered by an independent auditor of financial statements stating that the financial statements have been presented fairly in accordance with GAAP. True False
What type of opinion is issued by the auditor on the financial statements when there is some limitation on the scope of the audit or when one or more items in the financial statements are not presented in accordance with applicable accounting principles?
2. To express an opinion on financial statements, the auditor obtains reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error. Select one:TrueFalse
Which of the following does NOT accurately describe the concept of materiality? O performance materiality is calculated before overall materiality materiality is based on the needs of the users of the financial statements O materiality determines the nature, timing, and extent of the audit work to be performed O qualitative and quantitative factors are considered in the calculation of materiality
b) Which of the following statements regarding additional information that is included in a document containing audited financial statements is not true? Group of answer choices 1: Additional information can be subject to certain limited procedures by the auditor. 2: Additional information can be the subject of another information opinion. 3: Additional information can be the subject of an in-relation-to opinion. 4: Additional information can be subject to a limited review by the auditor.
If the auditor determines that an internal control deficiency is either a significant deficiency or a control deficiency, the auditor will issue a/an _______ on internal controls over financial reporting (ICFR) A. adverse opinion B. unmodified opinion C. unqualified opinion D. modified opinion
Which of the following statements is NOT correct about materiality?Select one: a. Auditor’s consideration of materiality is influenced by the auditor’s perception of the needs of an informed decision maker who will rely on the financial statements b. Materiality is a relative concept c. Materiality judgments involve both quantitative and qualitative judgments d. At the planning state, the auditor considers materiality at the financial statement level only

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