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 opinion

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 opinion

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter15: Audit Reports On Financial Statements

Section: Chapter Questions

Problem 26MCQ

See similar textbooks

Similar questions

What category of audit report will be issued if the auditor concludes that the financial statementsare not fairly presented? A. qualified B. adverse C. standard unmodified opinion D. disclaimer
Disclaimer of opinion rendered by an independent auditor of financial statements stating that the financial statements have been presented fairly in accordance with GAAP. True False
STATEMENT 1: Audit documentation provide the principal support for the auditor's opinion on the fairness of the financial statements. STATEMENT 2: Audit documentation aid in planning and conducting for future audits. A. Only Statement 1 is incorrect B. Only Statement 1 is correct C. Both statements are incorrect D. Both statements are correct
S1: lf an auditor's report on the prior period included a modified opinion and the matter which gave rise to the modification is unresolved, the auditor's opinion on the prior period's financial statements should be modified. S2: The auditor's opinion on comparative financial statements should refer to each period for which financial statements are presented and on which an audit opinion is expressed. S3: Reference to the work of an auditor's expert in an auditor's report containing an unmodified opinion unless required by law or regulation to do so. O S1 and S2 are true O S2 and S3 are true O All statements are true O All statements are false
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.
Which of the following opinions would be issued if auditors believed that the entity’s financial statements were not presented in conformity with GAAP?a. Adverse opinion.b. Disclaimer of opinion.c. Qualified opinion.d. Unmodified opinion
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.
s1: The auditor's report on the group financial statements shall not refer to a component auditor, unless required by law or regulation to include such reference S2. The auditor shall not refer to the work of an auditor's expert in an auditors report containing an unmodified opinion unless required by law or regulation to do so. O S1 is True, S2 is False O S1 is False, S2 is True O Both statements are True O Both statements are False
When financial statements contain a departure from GAAP because, due to unusual circumstances, the statements would otherwise be misleading, the auditor should explain the unusual circumstances in a separate paragraph and express an opinion that is....... Select one: a. Adverse. b. Qualified. c. Qualified or adverse, depending on materiality. " d. Unqualified.
The independent auditor's report A. describes which financial statements (FS) are covered by the audit. B. gives the auditor's opinion regarding the fairness of FS. C. summarizes what the auditor did. D. states that the FS are truthful.
In which of the following paragraphs of an auditor's report for a nonissuer does an auditor communicate the nature of the engagement and the specific financial statements covered by the audit? A. Scope Paragraph B. opinion paragraph C. Introductory paragraph D. Emphasis-of-matter paragraph
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.