A limitation on the scope of an audit sufficient to preclude an unmodified opinion will usually result when management:
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1 .Which of the following is true?
A The auditor may issue an unmodified opinion when a material departure from GAAP exists. B When an auditor includes a paragraph after the opinion paragraph emphasizing a significant related party transaction, the opinion would be considered a qualified opinion. C When a material accounting change h...
2 .In which of the following should an auditor's report refer to the lack of consistency when there is a change in accounting principle that is significant?
A An emphasis-of-matter paragraph following the opinion paragraph. B The opinion paragraph. C The introductory paragraph. D An emphasis-of-matter paragraph before the opinion paragraph.
3 .Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity's ability to continue as a going concern?
A Stock dividends replace annual cash dividends. B Significant related party transactions are pervasive. C Research and development projects are postponed. D Cash flows from operating activities are negative.
4 .When there is a significant change in accounting principle, an auditor's report should refer to the lack of consistency in:
A The Opinion paragraph. B The Introductory paragraph. C In the Management's Responsibility paragraph. D An emphasis-of-matter paragraph following the Opinion paragraph.
5 .For a particular entity's financial statements to be presented fairly in conformity with the applicable financial reporting framework, it is not required that the principles selected:
A Be appropriate in the circumstances for the particular entity. B Reflect transactions in a manner that presents the financial statements within a range of acceptable limits. C Present information in the financial statements that is classified and summarized in a reasonable manner. D Be applied on ...
7 .In the first audit of a client, an auditor was not able to gather sufficient evidence about the consistent application of accounting principles between the current and prior year, as well as the amounts of assets or liabilities at the beginning of the current year. This was due to the client's record retention policies. If the amounts in question could materially affect current operating results, the auditor would:
A Specifically state that the financial statements are not comparable to the prior year due to an uncertainty. B Express a qualified opinion on the financial statements because of a client-imposed scope limitation. C Be unable to express an opinion on the current year's results of operations and cas...
8 .Morris, CPA, suspects that a pervasive scheme of illegal bribes exists throughout the operations of Worldwide Import-Export, In, a new audit client. Morris notified the audit committee and Worldwide's legal counsel, but neither could assist Morris in determining whether the amounts involved were material to the financial statements or whether senior management was involved in the scheme. Under these circumstances, Morris should:
A Issue a special report regarding the illegal bribes. B Express an unmodified opinion with an other-matter paragraph. C Express an adverse opinion on the financial statements. D Disclaim an opinion on the financial statements.
9 .When an independent CPA is associated with the financial statements of a publicly held entity but has not audited or reviewed such statements, the appropriate form of report to be issued must include a(an):
A Disclaimer of opinion. B Qualified opinion. C Compilation report. D Unaudited association report.
10 .Comparative financial statements include the prior year's statements that were audited by a predecessor auditor whose report is not presented. If the predecessor's report was unmodified, the successor should:
A Express an opinion only on the current year's financial statements and make no reference to the prior year's financial statements. B Indicate in an other-matter paragraph that the predecessor auditor expressed an unmodified opinion on the prior year's financial statements. C Add an emphasis-of-mat...
