Audit Ch. 15 Day 1

Quiz
•
Business
•
University
•
Hard
Melissa Mattox
Used 1+ times
FREE Resource
8 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Audit reports explicitly state that the financial statements are presented fairly.
True
False
2.
MULTIPLE SELECT QUESTION
30 sec • 1 pt
If an auditor cannot issue an unqualified opinion, it can
Issue an unqualified opinion, with report modifications
Qualify the opinion
Issue an adverse opinion
Issue a disclaimer of opinion
3.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
Who is responsible for the Company's financial statements?
Shareholders
Auditors
Company management
SEC
4.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
Errors due to fraud receive more emphasis in the audit report.
True
False
Answer explanation
"free of material misstatement, whether due to error or fraud."
5.
MULTIPLE CHOICE QUESTION
10 sec • 1 pt
The notes to the financial statement are covered by the audit opinion.
True
False
6.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
The date of the audit report is
the most recent year-end of the Company
the date fieldwork is completed
no earlier than the date the auditor has obtained sufficient appropriate audit evidence
7.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
When misstatements are material and pervasive, the auditor issues
a qualified opinion
an unqualified opinion
an adverse opinion
no opinion
8.
MULTIPLE CHOICE QUESTION
20 sec • 1 pt
A disclaimer of opinion should NOT be expressed when
A scope limitation exists (and a qualified opinion is not appropriate)
Substantial doubt exists about the client being a going concern (and an additional paragraph to an unqualified opinion is not appropriate)
there are material departures from GAAP
the auditor lacks independence
Answer explanation
These are all reasons to disclaim an opinion except material departures from GAAP are a client issue and should result in a qualified or adverse opinion.
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