Question

In: Finance

What type of audit report (opinion) would result if financial statements are presented failry in all...

What type of audit report (opinion) would result if financial statements are presented failry in all mayeril aspects of GAAP?

Solutions

Expert Solution

Answer :

Clean (Unqualified) Opinion

Auditor gives Clean (unqualified) audit opinion when he concludes that the financial statements are prepared & presented fairly in accordance with the applicable financial reporting framework (FRF), considering all the material aspects of GAAP.

jeff jeffy answered 2 years ago
Next > < Previous

Related Solutions

What type of audit opinion was given for the financial statements and the internal financial controls...
What type of audit opinion was given for the financial statements and the internal financial controls for Nike on their 10k report? Explain the key items discussed in the audit report.
For each of the following situations below, identify the appropriate opinion type (audit report) Level of...
For each of the following situations below, identify the appropriate opinion type (audit report) Level of Materiality Situation Immaterial Material So Material 1- The Company has suffered recurring losses from operations and has a net capital deficiency that raises substantial doubt about its ability to continue as a going concern. Management’s plans in regard to these matters are also described in Note 6. The financial statements do not include any adjustments that might result from the outcome of this uncertainty...
Question: The auditor is required to express an opinion on a set of financial statements. Audit...
Question: The auditor is required to express an opinion on a set of financial statements. Audit risk is the probability that the auditor will express an incorrect opinion resulting in financial loss to persons acting upon the audit opinion given. There are laws and regulations in place which provide protection for stakeholders who suffer losses from reliance on the auditor’s report which may be found “lacking”. In reference to the legal and regulatory framework of the auditing profession, what are...
Question: The auditor is required to express an opinion on a set of financial statements. Audit...
Question: The auditor is required to express an opinion on a set of financial statements. Audit risk is the probability that the auditor will express an incorrect opinion resulting in financial loss to persons acting upon the audit opinion given. There are laws and regulations in place which provide protection for stakeholders who suffer losses from reliance on the auditor’s report which may be found “lacking”. In reference to the legal and regulatory framework of the auditing profession, what are...
Auditors must obtain sufficient appropriate audit evidence to issue an audit opinion on the financial statements....
Auditors must obtain sufficient appropriate audit evidence to issue an audit opinion on the financial statements. In order to gain that evidence, auditors may use a combination of tests of controls and substantive procedures. Required: . Discuss a test of control and a substantive procedure. Give at least one example of each that may be used when auditing the completeness of corporate payroll system.
As CEO, which type of audit opinion would you prefer most and why?
As CEO, which type of audit opinion would you prefer most and why?
The auditor is required to express an opinion on a set of financial statements. Audit risk is the probability that the auditor will express an incorrect opinion resulting in financial loss to persons acting upon the audit opinion given.
The auditor is required to express an opinion on a set of financial statements. Audit risk is the probability that the auditor will express an incorrect opinion resulting in financial loss to persons acting upon the audit opinion given. There are laws and regulations in place which provide protection for stakeholders who suffer losses from reliance on the auditor’s report which may be found “lacking”.In reference to the legal and regulatory framework of the auditing profession, what are the circumstances...
AS 3101: The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an...
AS 3101: The Auditor's Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion Spring 2018 In June 2017, Public Company Accounting Oversight Board (PCAOB) issued Auditing Standard (AS) 3101, “The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion”, as an effort to harmonize auditor’s report with International Standard of Auditing (ISA) 700 (revised), “Forming an Opinion and Reporting on Financial Statements”, issued by the International Auditing and Assurance...
Under what conditions (if any) would you not render an opinion on a company's financial statements?
Under what conditions (if any) would you not render an opinion on a company's financial statements?
ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an audit...
ISA 700 Forming an Opinion and Reporting on Financial Statements requires auditors to produce an audit report. This report should contain a number of consistent elements so that users are able to understand what the audit report means. Required: Describe the content to be found in the any FOUR (4) components of an auditor’s unmodified report,and explain the purpose of each. (b) Based on the provisions of ISA 700 Forming an Opinion and Reporting on Financial Statements, outline (i) the...
ADVERTISEMENT
Subjects
ADVERTISEMENT
Latest Questions
ADVERTISEMENT