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Which of the following statements is incorrect? Modified opinion is a qualified opinion, an adverse opinion or a disclaimer of opinion on the financial statements. В. А. When the auditor modifies the opinion on the financial statements, the auditor shall include a paragraph in the auditor's report that provides a description of the matter glving rise to the modification. The paragraph shall be placed immediately before the opinion paragraph. C. When the auditor considers it necessary to express an adverse opinion or disclaim an opinion on the financial statements as a whole, the auditor's report shall not also include an unmodified opinion with respect to the same financial reporting framework on a single financial statement or one or more specific elements, accounts or items of a financial statement. D. None of these

Which of the following statements is incorrect? Modified opinion is a qualified opinion, an adverse opinion or a disclaimer of opinion on the financial statements. В. А. When the auditor modifies the opinion on the financial statements, the auditor shall include a paragraph in the auditor's report that provides a description of the matter glving rise to the modification. The paragraph shall be placed immediately before the opinion paragraph. C. When the auditor considers it necessary to express an adverse opinion or disclaim an opinion on the financial statements as a whole, the auditor's report shall not also include an unmodified opinion with respect to the same financial reporting framework on a single financial statement or one or more specific elements, accounts or items of a financial statement. D. None of these

FINANCIAL ACCOUNTING
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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Which of the following statements is incorrect? A. Modified opinion is a qualified opinion, an adverse opinion or a disclaimer of opinion on the financial statements. B. When the auditor modifies the opinion on the financial statements, the auditor shall include a paragraph in the auditor's report that provides a description of the matter giving rise to the modification. The paragraph shall be placed immediately before the opinion paragraph. C. When the auditor considers it necessary to express an adverse opinion or disclaim an opinion on the financial statements as a whole, the auditor's report shall not also include an unmodified opinion with respect to the same financial reporting framework on a single financial statement or one or more specific elements, accounts or items of a financial statement. D. None of these O A Ов O c O D
Transcribed Image Text:Which of the following statements is incorrect? A. Modified opinion is a qualified opinion, an adverse opinion or a disclaimer of opinion on the financial statements. B. When the auditor modifies the opinion on the financial statements, the auditor shall include a paragraph in the auditor's report that provides a description of the matter giving rise to the modification. The paragraph shall be placed immediately before the opinion paragraph. C. When the auditor considers it necessary to express an adverse opinion or disclaim an opinion on the financial statements as a whole, the auditor's report shall not also include an unmodified opinion with respect to the same financial reporting framework on a single financial statement or one or more specific elements, accounts or items of a financial statement. D. None of these O A Ов O c O D
An auditor may not express a qualified opinion when A. Circumstances prevent the auditor from completing an important audit procedure. B. The auditor's report refers to the work of a spedialist. C. An accounting principles at variance with generally accepted accounting principles is used. D. The auditor lacks independence with respect to the audited entity. O A Ов Ос O D
Transcribed Image Text:An auditor may not express a qualified opinion when A. Circumstances prevent the auditor from completing an important audit procedure. B. The auditor's report refers to the work of a spedialist. C. An accounting principles at variance with generally accepted accounting principles is used. D. The auditor lacks independence with respect to the audited entity. O A Ов Ос O D
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