When disclaiming an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in the:Auditor'sResponsibilityParagraphNotes to thefinancial statements
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1 .The following paragraph was included in an auditor's report to indicate a lack of consistency:"As discussed in note T to the financial statements, the company changed its method of computing depreciation in Year 2."How should the auditor report on this matter if the auditor concurred with the change?Type ofopinionLocation ofparagraph
A Unmodified；....Before opinion paragraph B Qualified；........After opinion paragraph C Unmodified；....After opinion paragraph D Qualified；........Before opinion paragraph
2 .An auditor concludes that there is substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time. If the entity's disclosures concerning this matter are adequate, the audit report may include a(an):Disclaimerof opinion"Except for"qualified opinion
A Yes........No B No.........Yes C No.........No D Yes........Yes
3 .Under International Standards on Auditing, the going concern period is:
A At least one year from the date of the financial statements being audited. B May be more or less than one year from the date of the financial statements being audited. C Equal to one year from the date of the financial statements being audited. D No more than one year from the date of the financia...
4 .Which of the following phrases would an auditor most likely include in the auditor's report when expressing a qualified opinion due to inadequate disclosure?
A Except for the omission of the information described in the Basis for Qualified Opinion paragraph. B Subject to the departure from generally accepted accounting principles, as described above. C Do not present fairly. D With the foregoing explanation of these omitted disclosures.
5 .An auditor concludes that a client's illegal act, which has a material effect on the financial statements, has not been properly accounted for or disclosed. Depending on the pervasiveness of the effect on the financial statements, the auditor should express either a(an):
A Unmodified opinion with an other-matter paragraph or a qualified opinion. B Disclaimer of opinion or an unmodified opinion with an emphasis-of-matter paragraph. C Adverse opinion or a disclaimer of opinion. D Qualified opinion or an adverse opinion.
7 .An auditor may not issue a qualified opinion when:
A A scope limitation prevents the auditor from completing an important audit procedure. B An accounting principle at variance with GAAP is used. C The auditor lacks independence with respect to the audited entity. D The auditor's report refers to the work of a specialist.
8 .Under which of the following circumstances would a disclaimer of opinion not be appropriate?
A The financial statements fail to contain adequate disclosure of related party transactions. B The client refuses to permit its attorney to furnish information requested in a letter of audit inquiry. C The auditor is engaged after fiscal year-end and is unable to observe physical inventories or app...
9 .An auditor expressed a qualified opinion on the prior year's financial statements because of a lack of adequate disclosure. These financial statements are properly restated in the current year and presented in comparative form with the current year's financial statements. The auditor's updated report on the prior year's financial statements should:
A Express an unmodified opinion on the restated financial statements of the prior year. B Continue to express a qualified opinion on the prior year's financial statements. C Be accompanied by the auditor's original report on the prior year's financial statements. D Make no reference to the type of o...
10 .Which of the following events occurring after the issuance of an auditor's report most likely would cause the auditor to make further inquiries about the previously issued financial statements?
A An uninsured natural disaster occurs that may affect the entity's ability to continue as a going concern. B New information is discovered concerning undisclosed lease transactions of the audited period. C A subsidiary is sold that accounts for 25% of the entity's consolidated net income. D A conti...
