Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view. To examine: Whether the given statement is true or false.

Question

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Answer 1

Question

Chapter 1, Problem 1CYBK

To determine

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is “True”.

Explanation of Solution

An unqualified opinion is issued by an auditor, when there is no reservations about management’s financial statements or internal controls.

When the auditor has obtained sufficient and appropriate audit evidences, based upon which an auditor has drawn conclusions and finds no reservations or adverse remarks on financial statements or internal controls. The auditor will issue a clean report; that is, an unmodified or unqualified report.

Therefore, the given statement is true.

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Students have asked these similar questions

What are the auditor’s responsibilities to communicate information to the audit committee under PCAOB standards? If the auditor discovers that the audit committee routinely ignores such communications especially when they are critical of management’s use of GAAP in the financial statements, what step(s) might the auditor take at this point?

When evaluating audit findings, the auditor should consider any potential bias in management's judgement. Which if the these is not included in an auditor's concerns. 1. Management's bias in estimation calculations 2. Management's bias in accounting policies 3. Management's bias in detection risk 4. Management's bias in adjusting entry calculations

The risk that an auditor issues a clean opinion when the financial statements are materially misstated is called O inherent risk. control risk. audit risk. O detection risk.

Answer 2

Question

Chapter 1, Problem 1CYBK

To determine

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is “True”.

Explanation of Solution

An unqualified opinion is issued by an auditor, when there is no reservations about management’s financial statements or internal controls.

When the auditor has obtained sufficient and appropriate audit evidences, based upon which an auditor has drawn conclusions and finds no reservations or adverse remarks on financial statements or internal controls. The auditor will issue a clean report; that is, an unmodified or unqualified report.

Therefore, the given statement is true.

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Answer 3

Question

Chapter 1, Problem 1CYBK

To determine

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is “True”.

Explanation of Solution

An unqualified opinion is issued by an auditor, when there is no reservations about management’s financial statements or internal controls.

When the auditor has obtained sufficient and appropriate audit evidences, based upon which an auditor has drawn conclusions and finds no reservations or adverse remarks on financial statements or internal controls. The auditor will issue a clean report; that is, an unmodified or unqualified report.

Therefore, the given statement is true.

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Answer 4

Question

Chapter 1, Problem 1CYBK

To determine

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is “True”.

Explanation of Solution

An unqualified opinion is issued by an auditor, when there is no reservations about management’s financial statements or internal controls.

When the auditor has obtained sufficient and appropriate audit evidences, based upon which an auditor has drawn conclusions and finds no reservations or adverse remarks on financial statements or internal controls. The auditor will issue a clean report; that is, an unmodified or unqualified report.

Therefore, the given statement is true.

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Subscribe now to access step-by-step solutions to millions of textbook problems written by subject matter experts!

Answer 5

Chapter 1, Problem 1CYBK

To determine

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is “True”.

Explanation of Solution

An unqualified opinion is issued by an auditor, when there is no reservations about management’s financial statements or internal controls.

When the auditor has obtained sufficient and appropriate audit evidences, based upon which an auditor has drawn conclusions and finds no reservations or adverse remarks on financial statements or internal controls. The auditor will issue a clean report; that is, an unmodified or unqualified report.

Therefore, the given statement is true.

Answer 6

Chapter 1, Problem 1CYBK

To determine

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is “True”.

Explanation of Solution

An unqualified opinion is issued by an auditor, when there is no reservations about management’s financial statements or internal controls.

When the auditor has obtained sufficient and appropriate audit evidences, based upon which an auditor has drawn conclusions and finds no reservations or adverse remarks on financial statements or internal controls. The auditor will issue a clean report; that is, an unmodified or unqualified report.

Therefore, the given statement is true.

Answer 7

Chapter 1, Problem 1CYBK

To determine

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.

Answer 8

Expert Solution & Answer

Answer to Problem 1CYBK

The given statement is “True”.

Answer 9

Expert Solution & Answer

Answer 10

Expert Solution & Answer

Answer 11

Explanation of Solution

An unqualified opinion is issued by an auditor, when there is no reservations about management’s financial statements or internal controls.

When the auditor has obtained sufficient and appropriate audit evidences, based upon which an auditor has drawn conclusions and finds no reservations or adverse remarks on financial statements or internal controls. The auditor will issue a clean report; that is, an unmodified or unqualified report.

Therefore, the given statement is true.

Answer 12

Ch. 1 - Prob. 1CYBK Ch. 1 - Prob. 2CYBK Ch. 1 - Prob. 3CYBK Ch. 1 - Prob. 4CYBK Ch. 1 - Prob. 5CYBK Ch. 1 - Prob. 6CYBK Ch. 1 - Prob. 7CYBK Ch. 1 - Prob. 8CYBK Ch. 1 - Prob. 9CYBK Ch. 1 - Prob. 10CYBK

Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view. To examine: Whether the given statement is true or false.

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view. To examine: Whether the given statement is true or false.

Answer to Problem 1CYBK

Explanation of Solution

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Chapter 1 Solutions

Introduction:Unmodified or unqualified opinion refers to an audit opinion that the financial statements are free from material misstatement, as a whole and gives a true and fair view.

To examine: Whether the given statement is true or false.