Principles of Auditing & Other Assurance Services (Irwin Accounting)
20th Edition
ISBN: 9780077729141
Author: Ray Whittington, Kurt Pany
Publisher: McGraw-Hill Education
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Question
Chapter 2, Problem 33OQ
To determine
Match the following statements with the appropriate type of auditors’ report.
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Students have asked these 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
What type of audit opinion is expressed by an auditor performing a limited scope audit?
Select one:
a.
Disclaimer
b.
Unqualified
c.
Qualified
d.
Adverse
What type of audit opinion is preferred when analyzing fi nancial statements? B . Adverse.
Chapter 2 Solutions
Principles of Auditing & Other Assurance Services (Irwin Accounting)
Ch. 2 - Prob. 1RQCh. 2 - Prob. 2RQCh. 2 - Prob. 3RQCh. 2 - Prob. 4RQCh. 2 - Prob. 5RQCh. 2 - Prob. 6RQCh. 2 - Prob. 7RQCh. 2 - Prob. 8RQCh. 2 - Prob. 9RQCh. 2 - Prob. 10RQ
Ch. 2 - Prob. 11RQCh. 2 - Prob. 12RQCh. 2 - Prob. 13RQCh. 2 - Prob. 14RQCh. 2 - Prob. 15RQCh. 2 - Prob. 16RQCh. 2 - Prob. 17RQCh. 2 - Prob. 18RQCh. 2 - Prob. 19RQCh. 2 - Prob. 20RQCh. 2 - Prob. 21RQCh. 2 - Prob. 22RQCh. 2 - Prob. 23RQCh. 2 - Prob. 24RQCh. 2 - Prob. 25QRACh. 2 - Prob. 26QRACh. 2 - Jane Lee, a director of a nonpublic corporation...Ch. 2 - Prob. 28QRACh. 2 - Prob. 29QRACh. 2 - Prob. 30AOQCh. 2 - Prob. 30BOQCh. 2 - Prob. 30COQCh. 2 - Prob. 30DOQCh. 2 - Prob. 30EOQCh. 2 - Prob. 30FOQCh. 2 - Prob. 30GOQCh. 2 - Prob. 30HOQCh. 2 - Prob. 30IOQCh. 2 - Prob. 30JOQCh. 2 - Prob. 30KOQCh. 2 - Prob. 30LOQCh. 2 - Prob. 31OQCh. 2 - Prob. 32OQCh. 2 - Prob. 33OQCh. 2 - Prob. 34OQCh. 2 - Prob. 35OQCh. 2 - Joe Rezzo, a college student majoring in...Ch. 2 - Prob. 37PCh. 2 - Hide-It (HI), a family-owned business based in...Ch. 2 - Prob. 39RDC
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Similar questions
- The phrase “except for the possible effects of the matter described…” appears in an audit report. This could be what type of opinion? a. Qualified Adverse Disclaimer Yes Yes No b. Qualified Adverse Disclaimer Yes No No c. Qualified Adverse Disclaimer No No Yes d. Qualified Adverse Disclaimer No Yes No e. Qualified Adverse Disclaimer Yes Yes Yesarrow_forward“qualified audit report” and an audit report with a “disclaimer of opinion”. Please give explaination for both audit report with examples.arrow_forwardWhich item regarding an Emphasis of Matter paragraph is true? a. The auditor will use the E of M to restrict distribution of the audit report. b. The auditor will use the E of M when the client has corrected an error in the previous financial statements. c. An E of M will be used when a material error exists in the current financial statements. d. The E of M paragraph is usually located immediately before the opinion paragraph. e. The E of M paragraph would be used to discuss a client's change in the method to estimate bad debts.arrow_forward
- When going concern assumption is appropriate, Auditor's opinion should be: a. disclaimer opinion b. Modified opinion c. Unmodified opinion d. Adverse opinionarrow_forwardAudit Evidence means ___________ used by the auditor in arriving at the conclusions on which the auditor's opinion is based. a. Information b. Evidence c. Transactions d. materialarrow_forwardThe standard uniquified audit report Select one: a. is sometimes called a disclaimer report b. can be issued only with an explanatory paragraph c. can be issued if only a balance sheet and income statement are included in the financial statements. d. is sometimes called a clean opinionarrow_forward
- A request that the confirming party respond directly to the auditor indicating whether the confirming party agrees or disagrees with the information in the request, or providing the requested information. Positive confirmation request Negative confirmation request External Confirmation Internal Confirmationarrow_forwardWhen 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.arrow_forwardWhich of the following third parties is known by name to auditors as the audit isconducted?a. Foreseeable third party.b. Foreseen third party.c. General third party.d. Primary beneficiaryarrow_forward
- S1: The phrase “PFRS or PFRS for SMEs” can be found in the opinion paragraph of a standard unqualified report. S2: Emphasis of Matter paragraph and Other Matter paragraphs result to modifications of auditor’s report and, therefore, the auditor’s opinion.a. Only S1 is true.b. Only S2 is true.c. Both S1 and S2 are true.d. Both S1 and S2 are false.arrow_forwardQ3. The following four situations require a modification to the standard unqualified/unmodified audit report. Identify the modification required for each. a. Opinion based in part on the report of another auditor.b. Going concern.c. Lack of consistency.d. Additional emphasis. note: please only mention if its unqualified or unmodified audit report.arrow_forwardQ. 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.arrow_forward
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