Ques: 15 Due to a conflict of interest discovered between another audit firm and Jamal Corp., your firm was brought in to audit Jamal’s financial statements after the end of its fiscal year. The old firm is cooperating fully with your auditor’s and you are prepared to issue an unqualified opinion except that you could not physically count Jamal’s ending inventory. You have, however, satisfied yourself through other audit procedures that the inventory balance is fairly presented Num Types of Audit Opinion num Other Modifications A Adverse 1 Add Emphasis- of- matter paragraph to Opinion B Disclaimer 2 Add other Matter paragraph to audit opinion C Qualified 3 Add a Basis for modification other than additional paragraph D Unmodified/Unqualified 4 Make modifications other than additional paragraph 5 Make No modification to audit Opinion
Ques: 15 Due to a conflict of interest discovered between another audit firm and Jamal Corp., your firm was brought in to audit Jamal’s financial statements after the end of its fiscal year. The old firm is cooperating fully with your auditor’s and you are prepared to issue an unqualified opinion except that you could not physically count Jamal’s ending inventory. You have, however, satisfied yourself through other audit procedures that the inventory balance is fairly presented Num Types of Audit Opinion num Other Modifications A Adverse 1 Add Emphasis- of- matter paragraph to Opinion B Disclaimer 2 Add other Matter paragraph to audit opinion C Qualified 3 Add a Basis for modification other than additional paragraph D Unmodified/Unqualified 4 Make modifications other than additional paragraph 5 Make No modification to audit Opinion
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
Related questions
Question
Ques: 15
Due to a conflict of interest discovered between another audit firm and Jamal Corp., your firm was brought in to audit Jamal’s financial statements after the end of its fiscal year. The old firm is cooperating fully with your auditor’s and you are prepared to issue an unqualified opinion except that you could not physically count Jamal’s ending inventory. You have, however, satisfied yourself through other
| Num | Types of Audit Opinion | num | Other Modifications | |
| A | Adverse | 1 | Add Emphasis- of- matter paragraph to Opinion | |
| B | Disclaimer | 2 | Add other Matter paragraph to audit opinion | |
| C | Qualified | 3 | Add a Basis for modification other than additional paragraph | |
| D | Unmodified/Unqualified | 4 | Make modifications other than additional paragraph | |
| 5 | Make No modification to audit Opinion |
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!
Trending now
This is a popular solution!
Step by step
Solved in 2 steps
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.Recommended textbooks for you
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Accounting
Accounting
ISBN:
9781337272094
Author:
WARREN, Carl S., Reeve, James M., Duchac, Jonathan E.
Publisher:
Cengage Learning,
Accounting Information Systems
Accounting
ISBN:
9781337619202
Author:
Hall, James A.
Publisher:
Cengage Learning,
Horngren's Cost Accounting: A Managerial Emphasis…
Accounting
ISBN:
9780134475585
Author:
Srikant M. Datar, Madhav V. Rajan
Publisher:
PEARSON
Intermediate Accounting
Accounting
ISBN:
9781259722660
Author:
J. David Spiceland, Mark W. Nelson, Wayne M Thomas
Publisher:
McGraw-Hill Education
Financial and Managerial Accounting
Accounting
ISBN:
9781259726705
Author:
John J Wild, Ken W. Shaw, Barbara Chiappetta Fundamental Accounting Principles
Publisher:
McGraw-Hill Education