Chapter 6 : Audit Report

Choose the correct ISA for the audit report.

• ISA 500

• ISA 850

• ISA 700

• ISA 750

State the standard of audit report.

• Adherence to Financial Reporting Act

• Adherence to Company Act 2016

• Adherence to MFRS

• Adherence to GAAP

Audit reports should be dated the date on which the financial statements are issued.

• TRUE

• FALSE

Which of the following is not the type of audit opinion?

• Disclaimer

• Reserved

• Adverse

• Qualified

What should be included in the audit report?

• Report tittle

• Opinion section

• Auditor's signature

• Auditor's address

A public company's financial statements should be prepared following standards of the Public Company Accounting Oversight Board.

• TRUE

• FALSE

Who prepares the audit report?

• The shareholder

• The company

• The court

• The auditor

A "very material" change from one generally accepted accounting principle to another generally accepted accounting principle usually results in an adverse opinion by the auditors.

• TRUE

• FALSE

Why do the auditor need to sign the audit report?

• The company ask the auditor to signed it.

• To make sure the auditor do the job fairly.

• To approve the content of the audit report.

• To make the audit report more beautiful.

If financial statements fail to disclose a material fact, the auditors may diclose the information in an explanatory paragraph and issue an unqualified opinion on the statements.

• TRUE

• FALSE