ow is the auditor's responsibility for expressing the opinion on financial statements of a public company disclosed in the standard unmodified (unqualified) report? Stated explicitly in the Auditor's Responsibility section Unstated but under stood by the user. Stated in the opinion section
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Question 27
How is the auditor's responsibility for expressing the opinion on financial statements of a public company disclosed in the standard unmodified (unqualified) report?
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Stated explicitly in the Auditor's Responsibility section |
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Unstated but under stood by the user. |
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Stated in the opinion section of the report. |
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Stated in the introductory paragraph. |
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- How is the auditors’ responsibility for expressing the opinion on financial statements disclosed in the standard (unmodified) report for a nonpublic company?a. Stated explicitly in the Auditor’s Responsibility section.b. Unstated but understood in the Auditor’s Responsibility section.c. Stated explicitly in the opinion paragraph.d. Stated explicitly in the introductory paragraph.Q. Explain how the three types of modification to an auditor’sopinion on financial statements according to ISA705‘Modifications to the Opinion in the Independent Auditor’sReport’ are determined.Responsibility for the preparation of the financial statements as per applicable financial reporting framework is required to be disclosed under which of the following sections in the auditor's report? O a. Under auditor's responsibility O b. Under management's responsibility paragraph O c. Under basis for opinion paragraph O d. Under opinion paragraph
- QUESTION 1 In an unqualified audit report on the financial statements of a public company, what does the first statement of the opinion paragraph state? A. An audit was conducted, which financial statements were audited, and the dates of the financial statements. B. PCAOB audit standards were followed since it is a public company. C. The audit firm believes that its audit provides a reasonable basis for its opinion. D. Management is responsible for the fair presentation of the financial statements.Question 25 Which of the following is not included in the standard unmodified report on financial statements. An identification of the financial statements that were audited. A general description of the audit. An opinion that the financial statements present fairly the financial position of the company in accordance with GAAP. An emphasis-matter-paragraph commenting on the effect of economic conditions on the entity.Q. Identify the three types of modification to an auditor’sopinion on financial statements according to ISA705‘Modifications to the Opinion in the Independent Auditor’sReport’ and explain how these are determined.
- Question 23 The auditors determined that the entity is suffering financial difficulty and its going concern status is serious in doubt. Assuming the entity adequately disclosed this matter in the financial statements, the auditor must choose between which of the following report alternatives? Unmodified opinion with a reference to going concern or disclaimer of opinion. Standard unmodified report or a disclaimer of opinion. Qualified or adverse opinion. Standard (unmodified) report or adverse opinion.14. The auditors' report may be addressed to the company whose financial statements are being examined or to that company's: Select one:a. President.b. Chief financial officerc. Chief operating officerd. Board of Directors.Under which section in the auditor's report is stated that, "we have audited the financial statements of the company"? O a. Auditor's responsibilities for the audit of the Financial Statements paragraph O b. Opinion paragraph O c Basis for Opinion paragraph O d. Responsibilities of Management for the Financial Statements paragraph
- 4 The Audit Report contains the auditor's opinion on the entity’s true and fair view presented in their financial reports. In the light of the statement identify the type of auditor’s opinion “when the whole financial reports are true and fair except for few areas.” a. Qualified opinion b. None of the options c. Unqualified opinion d. Negative opinionQuestion 31 Which of the following statements is not true with respect to the auditors' report on internal control over financial reporting? The report will be dated as of the date of the financial statements The report will express an opinion as to the effectiveness of internal controls The auditor will issue an adverse opinion if one or more material weaknesses exist. The report may be presented with the report on the entity's financial statements as a combined report.17. Which of the following is correct when a company is issuing summary financial statements developed from audited financial statements? Group of answer choices Such summary statements should always have a CPA's report associated with them when audited financial statements exist. The CPA may issue a report on whether the summary information is fairly stated in all material respects in relation to the basic financial statements. The CPA should perform a compilation and review of the summary financial statements. The CPA who has audited the financial statements who is asked to report on the summary statements should decline the engagement because the summary statements do not include all disclosures necessary under generally accepted accounting principles.