Under which of the following circumstances would a disclaimer of opinion not be appropriate?
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1 .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...
2 .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.
3 .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.
4 .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
A Yes........No B Yes........Yes C No..........Yes D No..........No
5 .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.
7 .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...
8 .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...
9 .Wilson, CPA, obtained sufficient appropriate audit evidence to render an opinion on Abco's December 31, Year 1, financial statements on March 6, Year 2. A subsequent event requiring adjustment to the Year 1 financial statements occurred on April 10, Year 2. Wilson decides not to dual date the report and completes the extended audit procedures for subsequent events on April 24, Year 2. If the adjustment is made without disclosure of the event, Wilson's report ordinarily should be dated:
A Using dual dating. B April 10, Year 2. C April 24, Year 2. D March 6, Year 2.
10 .After issuing a report, an auditor has no obligation to make continuing inquiries or perform other procedures concerning the audited financial statements, unless:
A Information, which existed at the report date and may affect the report, comes to the auditor's attention. B Final determinations or resolutions are made of contingencies that had been disclosed in the financial statements. C Information about an event that occurred after the date of the auditor's...
