As CEO, which type of audit opinion would you prefer most and why?

Solutions

Expert Solution

The "Unqualified" opinion is the best possible audit outcome. And, it is by far the most frequently appearing.

Unqualified Opinion

Often called a clean opinion, an unqualified opinion is an audit report that is issued when an auditor determines that each of the financial records provided by the small business is free of any misrepresentations. In addition, an unqualified opinion indicates that the financial records have been maintained in accordance with the standards known as Generally Accepted Accounting Principles (GAAP). This is the best type of report a business can receive.

Typically, an unqualified report consists of a title that includes the word “independent.” This is done to illustrate that it was prepared by an unbiased third party. The title is followed by the main body. Made up of three paragraphs, the main body highlights the responsibilities of the auditor, the purpose of the audit and the auditor’s findings. The auditor signs and dates the document, including his address.

Thanks

ekkarill92 answered 1 year ago

Next > < Previous

Related Solutions

Which type of corporation (C or S) would you prefer as the business owner? Which would...

Which type of corporation (C or S) would you prefer as the business owner? Which would you prefer as the taxpayer? Recall how the income for each is treated to inform your response.

Decide on the type of audit opinion you plan to express and explain the basis for the opinion

1) Decide on the type of audit opinion you plan to express and explain the basis for the opinion.2) If the directors threaten not to appoint DoubleCheck as auditors for next year, will you make any change in the type of audit opinion? Why or why not?

.If you are an investor in the stock market which approach would you prefer and why?...

.If you are an investor in the stock market which approach would you prefer and why? On what information would you base you investing decisions for a particular stock?

Discussion What type of retirement plan would you prefer and why (be specific), to Defined Benefit...

Discussion What type of retirement plan would you prefer and why (be specific), to Defined Benefit Plan or a Defined Contribution Plan? would you select a company to work for depending on this criteria? Why? Discuss how buying an annuity compares buying buying a mutual fund. Do you, as a buyer, have any control over the amount of investment risk to which you are exposed in aa annuity contract?

Which way would you prefer your company share their wealth? Why?

Discuss the difference between equity and debt financing and state which type you would prefer if...

Discuss the difference between equity and debt financing and state which type you would prefer if you were an entrepreneur. Be specific.

Discuss the difference between equity and debt financing and state which type you would prefer if...

Discuss the difference between equity and debt financing and state which type you would prefer if you were an entrepreneur. Be specific.

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?

1.)Discuss the audit issue in each case and its impact on the type of audit opinion...

1.)Discuss the audit issue in each case and its impact on the type of audit opinion provided(use relevant standards and legislations to support answer. a.) Company A uses the last-in first-out inventory valuation method for its closing inventory, which is a significant item found in its statement of financial position. The difference between first-in first-out and last-in-first-out has a material effect on the closing inventory balance. b.) Company A is a parent company owning different subsidiaries. One of these is...

A. Which type of mutation do you feel would be most likely to be influenced by...

A. Which type of mutation do you feel would be most likely to be influenced by natural selection, those that result in changes of the third codon position, or those that result in changes of the first codon position? Explain your reasoning. B. In many animals inbreeding among close relatives reduces the ability of their offspring to survive. Explain why this occurs. Please correct answer. Thanks

Subjects