S1: A client imposed scope limitation will generally result in a disclaimer of opinion S2: When there is a significant question about a company's ability to remain a going concern, the report issued is usually unqualified with an explanatory paragraph. S3: When the auditors are unable to comply with generally accepted auditing standards, they should issue an opinion that is unqualified, but include an additional explanatory paragraph in the report.    a. All statements are true b. All statements are false c. S1 and S2 are true d. S1 is true

Q: preliminary judgement about materiality is the ______________ amount by which the auditor believes…

A: Materiality: Materialiity is the threshold above which missing or incorrect informatiion within the…

Q: Under what state of affairs it implies that an auditor has obtained sufficient & appropriate audit…

A: Audit is the Independent examination of the Financial statement of the company

Q: While performing your audit of Williams Paper Company, you discover evidence that indicates that…

A: Going Concern: A going concern is a word used in accounting to describe a corporation that has the…

Q: The auditor will issue un-qualified audit report with explanatory paragraph when: Select one: a. The…

A: Auditor need to verify whether the financial statement is giving a true and fair view of the…

Q: An adverse opinion is most likely to be included in an audit report when   Multiple Choice   A…

A: There are 4 types of audit opinions.  1.unqualified  2.Qualified 3.Disclaimer 4.Adverse opinion

Q: When an auditor qualifies an opinion because of inadequate disclosure, the auditor should describe…

A: An auditor auditing the financial statement is required to those proper disclosures have been made.…

Q: When an auditor concludes that there is a significant doubt on the entity's ability to continue as a…

A: Going Concern basis: An entity prepares financial statements on a going concern basis ,that is it is…

Q: Examples of unmodified opinions which contain modified wording (without adding anemphasis-of-matter…

A: Answer:   Option D.

Q: If the company is subject to PCAOB obligations for communicating control shortcomings (AS 1305),…

A: SOLUTION-   COMMUNICATION ABOUT CONTROL SHORTCOMING- STANDARD O AUDITING OF 1305 DESCRIBES THE…

Q: Which of the following is one of the changes in the Revised ISA 700 on audit reporting? a. the audit…

A: Following is the answer to the given question

Q: What will the auditor do in respect of misstatement which in his opinion are immaterial? a. Give…

A: Unmodified Opinion is issued when there are no material misstatements.

Q: S1: When the auditor expresses a qualified or adverse opinion, communicating other key audit matters…

A: An Auditor is an important person who has all the Accounting rights reserved to Audit a company's…

Q: f it is necessary to amend other information in a document containing audited financial statements…

A: solution concept disclaimer of opinion                 It is issued when auditor is unable to…

Q: Auditor’s failure to exercise sufficient care and skill in carrying out their audit might lead to…

A: Answer: Auditors can utilize shields to wipe out dangers. On account of a different references…

Q: When a client’s financial statements contain a material departure from an FASB Statementon…

A: Financial statements: Financial statements are condensed summary of transactions communicated in the…

Q: Why might an auditor issue a disclaimer of opinion after an audit? A. All of these may cause an…

A: Disclaimer of opinion: The disclaimer of opinion is the opinion given by the auditor on the…

Q: Which of the following statements is not true with respect to the  auditors' report on internal…

A: An audit report is crucial in order to determine the reliability of the financial reports of an…

Q: In practice, auditors issue a significant number of modified audit opinions for departures from GAAP…

A: The given statement is True..... A qualified opinion is expressed when auditors issue a significant…

Q: Where the auditor has assessed the risk of material misstatement of trade creditors as low, the…

A: Auditing is a procedure under which an auditor is appointed to check the accuracy of the financial…

Q: Which of the following statements is/are correct? Statement I. Current professional auditing…

A: Auditing is a process of checking whether the details furnished in the financial statements are true…

Q: When an auditor-client conflict arises during an audit engagement, the client and/or the current…

A: Introduction : After being recruited to produce an impartial report on correct accounting treatment…

Q: If the financial statements have been prepared using the going concern basis of accounting but, in…

A: ISA 570- Going concern - The ISA deals with the auditor’s responsibilities relating to management’s…

Q: s1: The concentration of the review of working papers done by the manager auditor and…

A: Answer: s1: The concentration of the review of working papers done by the manager auditor and…

Q: Which of the following statements concerning the independent auditor's required communication of…

A: 1. Weaknesses that had been reported in prior years' communications and have not been corrected need…

Q: In which of the following cases should an Unqualified Report with Explanatory Paragraph be issued?…

A: Auditing means the independent checking of company operation by outsider. Auditor is  qualified and…

Q: {Auditing} 42. Identify an alternative which is not a material misstatement from the following and…

A: Auditing The purpose of conducting the auditing is to identify the errors and omission which are…

Q: Which of the following circumstances requires the modification of both the auditor’s responsibility,…

A: Answer: Whenever there is no cooperation from management and limitation to audit, there is always…

Q: Which of the following situations will not result in modification of the auditor's report because of…

A: The scope limitation is the restrictions in the audit which is caused by the client or issues that…

Q: ned to afford a reasonable basis for the opinion regarding financial statements under audit.…

A: The auditor's responsibilities revolve around ensuring that financial statements are presented…

Q: 4. In which of the following instances would an auditor most likely issue a standard unqualified…

A: Auditing means the independent checking of company operation by outsider.

Q: S1: When an Other Matter paragraph is included to draw users' attention to a matter relevant to…

A: Solution: False, When an Other Matter paragraph is included to draw users' attention to a matter…

Q: 19-Which among the following is the most important limitation of an audit, which result in most of…

A: External audit means the examination performed by an external party who is professionally qualified…

Q: 8. In which of the following situations would an auditor originally choose between expressing a…

A: Qualified opinion: A qualified opinion can be issued by the auditor in the following two cases:…

Q: {Auditing} 15. Find the nature of materiality if the client incorrectly selects and applies…

A: The nature of materiality refers to the fact that the information included in the financial…

Q: Do you believe that the SEC should prohibit auditors from providing all nonaudit services for audit…

A: Auditing:   Auditing refers to an independent examination of financial information of any…

Q: Describe the audit opinion that should be given and explain why. a)When the client is not a going…

A: Going concern assumption is a basic assumption used for the preparation of financial statements.…

Q: s1: Client's representations, both written or oral, are not considered to be a persuasive type of…

A: Answer: Given statement is s1: Client's representations, both written or oral, are not considered to…

Q: When financial statements are affected by a material departure from generally accepted accounting…

A: Generally Accepted Accounting principles: GAAP is  issued by the Financial Accounting Standards…

Q: 25. Which of the following would not be included in an accountant's review report on the financial…

A: Accountant's Review Report - Accountant's Review report includes report on financial information,…

Q: Which one of the following is NOT a duty of the auditor? Duty to report on any violation of law Duty…

A: The duties of an Audi have been laid down by the companies Act , 2013, providedd in section 143.

Q: 1. Which of the following is ordinarily true of a modification of the audit report by adding an…

A: SOLUTION- EMPHASIS OF MATTER PARAGRAPH - A PARAGRAPH INCLUDED IN THE AUDITOR'S REPORT THAT REFERS TO…

Q: Q. According to ISA 200, Which of the following statement is true with respect of inherent…

A: Audit is the process of verifying and examining the books of accounts and financial information in…

Q: Which of the following statements is/are correct? Statement I. Current professional auditing…

A: The internal auditors are the professionals employed by the entities so as to ensure that the…