When reporting on comparative financial statements, an auditor ordinarily should change the previously issued opinion on the prior year's financial statements if the:
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1 .If a publicly held company issues financial statements that purport to present its financial position and results of operations but omits the statement of cash flows, the auditor ordinarily will express a(an):
A Unmodified opinion with an emphasis-of-matter paragraph. B Disclaimer of opinion. C Disclaimer of opinion. D Qualified opinion.
2 .An auditor should disclose the substantive reasons for expressing an adverse opinion in a basis for modification paragraph:
A Preceding the introductory paragraph. B Following the opinion paragraph. C Preceding the opinion paragraph. D Within the notes to the financial statements.
3 .An auditor who is unable to form an opinion on a new client's opening inventory balances may issue an unmodified opinion on the current year's:
A Statement of shareholders' equity only. B Statement of cash flows only. C Balance sheet only. D Income statement only.
4 .An auditor decides to issue a qualified opinion on an entity's financial statements because a major inadequacy in its computerized accounting records prevents the auditor from applying necessary procedures. The opinion paragraph of the auditor's report should state that the qualification pertains to:
A Inadequate disclosure of necessary information. B A departure from generally accepted auditing standards. C A client-imposed scope limitation. D The possible effects on the financial statements.
5 .An auditor was unable to obtain audited financial statements or other evidence supporting an entity's investment in a foreign subsidiary. Between which of the following opinions should the entity's auditor choose?
A Disclaimer and unmodified with an emphasis-of-matter paragraph added. B Adverse and unmodified with an emphasis-of-matter paragraph added. C Qualified and adverse. D Qualified and disclaimer.
7 .Before reissuing the prior year's auditor's report on the financial statements of a former client, the predecessor auditor should obtain letters of representation from the:
A Former client's attorney and management. B Successor auditor and the former client's management. C Former client's board of directors and the successor auditor. D Former client's management and the board of directors.
8 .Which of the following statements is not true regarding the auditor's responsibility for subsequent events?
A The auditor has an active responsibility to make continuing inquiries between the date of the financial statements and the date of the auditor's report. B The auditor has no active responsibility to make continuing inquiries after the date of the auditor's report. C The auditor has an active respo...
9 .As of August 13, a CPA had obtained sufficient appropriate audit evidence with respect to fieldwork on an engagement to audit financial statements for the year ended June 30. On August 27, an event came to the CPA's attention that should be disclosed in the notes to the financial statements. The event was properly disclosed by the entity, but the CPA decided not to dual date the auditor's report and dated the report August 27. Under these circumstances, the CPA was taking responsibility for:
A Only the specific subsequent event disclosed by the entity. B All subsequent events that occurred through August 13 and the specific subsequent event disclosed by the entity. C All subsequent events that occurred through August 27. D Only the subsequent events that occurred through August 13.
10 .An auditor concludes that there is a material inconsistency in the other information in an annual report to shareholders containing audited financial statements. The auditor believes that the financial statements do not require revision, but the client is unwilling to revise or eliminate the material inconsistency in the other information. Under these circumstances, what action would the auditor most likely take next?
A Disclaim an opinion on the financial statements after explaining the material inconsistency in a other-matter paragraph. B Issue an "except for" qualified opinion after discussing the matter with the client's audit committee. C Consider the situation closed because the other information is not in ...
