If the auditor is auditing a public company in the United States and must report on internal controls over financial reporting (ICFR), the identification of one or more material weaknesses _______. A.will result in the auditor issuing an adverse opinion on the financial statements and the CFO/CEO will probably go to jail B.will result in an adverse opinion on ICFR C.will result in an unmodified opinion on ICFR D.will result in the auditor issuing a disclaimer of opinion on the financial statements and the CFO/CEO will probably go to jail

Adverse Opinion: When an auditor provides an "Adverse Opinion," it indicates that a company's…

Answered: If the auditor is auditing a public…

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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If the auditor is auditing a public company in the United States and must report on internal controls over financial reporting (ICFR), the identification of one or more material weaknesses _______.

	A.	will result in the auditor issuing an adverse opinion on the financial statements and the CFO/CEO will probably go to jail
	B.	will result in an adverse opinion on ICFR
	C.	will result in an unmodified opinion on ICFR
	D.	will result in the auditor issuing a disclaimer of opinion on the financial statements and the CFO/CEO will probably go to jail

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