In each of the circumstances listed below, indicate, by appropriate letter, which of the following types...

In each of the circumstances listed below, indicate, by appropriate letter, which of the following types of opinions should be rendered on the entity's financial statements?

Mix and match Each question should have a Letter by it (some answers will apply to multiple questions)

A. Unmodified
B. Qualified
C. Adverse
D. Disclaimer

___ 1. Departure from generally accepted accounting principles that is material but not pervasive.

___ 2. Going-concern uncertainties that may have a material (but not pervasive) effect on the financial statements.

___ 3. Emphasis of a matter, no GAAP departure.

___ 4. Material, but not pervasive, scope limitation.

___ 5. Material and pervasive departure from GAAP.

Expert Solution

List of the circumstances, indicated by appropriate letter , defining types of opinions, that should be rendered on the entity's financial statements:

Letter	Type of opinion	no.	Circumstances	Explanation
B	Qualified	1	Departure from generally accepted accounting principles that is material but not pervasive.	Qualified opinion is a type of modified opinion, where auditor make a conclusion that there is material misstatement found in financial statements , but is not pervasive.
B	Qualified	2	Going-concern uncertainties that may have a material (but not pervasive) effect on the financial statements.	Qualified opinion is a type of modified opinion, where auditor make a conclusion that there is material misstatement found in financial statement , but is not pervasive.
A	Unmodified	3	Emphasis of a matter, no GAAP departure.	Unmodified opinion is given when there is no misstatement found by the auditor in financial statements. when there is no GAAP departure, unmodified opinion will be given.
D	Disclaimer	4	Material, but not pervasive, scope limitation.	Disclaimer of opinion is given by the auditor , when he could not obtain audit evidence . this is called scope limitation.
C	Adverse	5	Material and pervasive departure from GAAP.	Adverse opinion is given by the auditor , when there is material misstatement and pervasive.

Finish.

ekkarill92 answered 1 year ago

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In each of the circumstances listed below, indicate, by appropriate letter, which of the following types...

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