An auditor should disclose the substantive reasons for expressing an adverse opinion in a basis for modification paragraph:
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1 .An auditor includes a separate paragraph in an otherwise unmodified report to emphasize that the entity being reported on had significant transactions with related parties. The inclusion of this separate paragraph:
A Necessitates a revision of the opinion paragraph to include the phrase "with the foregoing explanation." B Violates generally accepted auditing standards if this information is already disclosed in footnotes to the financial statements. C Is appropriate and would not negate the unmodified opinion....
2 .An entity changed from the straight-line method to the declining balance method of depreciation for all newly acquired assets. This change has no material effect on the current year's financial statements, but is reasonably certain to have a substantial effect in later years. If the change is disclosed in the notes to the financial statements, the auditor should issue a report with a(an):
A Emphasis-of-matter paragraph. B "Except for" qualified opinion. C Unmodified opinion. D Consistency modification.
3 .Which of the following audit procedures most likely would assist an auditor in identifying conditions and events that may indicate substantial doubt about an entity's ability to continue as a going concern?
A Inspecting title documents to verify whether any assets are pledged as collateral. B Reading the minutes of meetings of the stockholders and the board of directors. C Reviewing lease agreements to determine whether leased assets should be capitalized. D Comparing the market value of property to am...
4 .Grant Company's financial statements adequately disclose uncertainties that concern future events, the outcome of which are not susceptible of reasonable estimation. The auditor's report should include a (an):
A "Subject to" qualified opinion. B Adverse opinion. C "Except for" qualified opinion. D Unmodified opinion.
5 .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.
7 .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.
8 .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.
9 .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.
10 .When reporting on comparative financial statements, an auditor ordinarily should change the previously issued opinion on the prior year's financial statements if the:
A Prior year's financial statements are restated following a change in reporting entity in the current year. B Auditor is a predecessor auditor who has been requested by a former client to reissue the previously issued report. C Prior year's opinion was unmodified and the opinion on the current year...
