Audit Report

Audit Report

University

6 Qs

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Audit Report

Audit Report

Assessment

Quiz

Business

University

Practice Problem

Hard

Created by

NURAZALIA ZAKARIA

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6 questions

Show all answers

1.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

The date of the auditor's opinion on the financial statements of the client should be the date of the

completion of all important audit procedures

closing of the client's books

finalisation of the terms of the audit engagement

submission of the report to the client

2.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

When the financial statements are fairly stated but the auditor concludes there is substantial doubt whether the client can continue in existence, the auditor should issue a(n)

adverse opinion

qualified opinion only

unmodified opinion

unmodified opinion with explanatory paragraph

3.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

As compared to an unmodified opinion, an opinion qualified due to a material departure from applicable accounting standards would

include an extra paragraph in the opinion section

include a slight modification to the auditor's responsibility section

include a slight modification to the introductory paragraph in the opinion section

indicate that, except for the problem noted, the financial statements are presented fairly

4.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

An adverse opinion and a disclaimer of opinion

may be used interchangeably

both require modification of the opinion section

result in the auditor's withdrawal from the engagement

indicate situations in which there are material accounting principles/standards departures

5.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Which of the following would result in a qualification of the audit report?

Cannot get the audited accounts of a significant material subsidiary

Weak, significant internal controls

6.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

This type of paragraph draws attention to a fundamental issue in the financial statements

Emphasis of matter

Other matters

Adverse opinion

None of the choices