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?
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1 .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.
2 .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
3 .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.
4 .Under which of the following circumstances would a disclaimer of opinion not be appropriate?
A The financial statements fail to contain adequate disclosure of related party transactions. B The client refuses to permit its attorney to furnish information requested in a letter of audit inquiry. C The auditor is engaged after fiscal year-end and is unable to observe physical inventories or app...
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7 .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.
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9 .An auditor concludes that a substantive auditing procedure considered necessary during the prior period's audit was omitted. Which of the following factors would most likely cause the auditor promptly to apply the omitted procedure?
A The auditor's opinion on the prior period's financial statements was unmodified. B The source documents needed to perform the omitted procedure are still available. C The omission of the procedure impairs the auditor's present ability to support the previously expressed opinion. D There are no alt...
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