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:
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1 .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...
2 .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.
3 .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.
4 .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.
5 .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.
7 .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.
8 .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...
9 .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.
10 .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...
