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Audit Reports and Communications Quiz

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Questions and Answers

What is the basic element of the auditor’s report?

Management's discussion and analysis

Responsibility for the financial statements (correct)

Statement of cash flows

Disclosure of audit fees

When will an auditor modify an opinion?

To emphasize a matter

To align with management's opinion

If there are uncertainties in the financial statements (correct)

To comply with regulatory requirements

What are the circumstances requiring an auditor’s report containing an opinion other than an unmodified one?

When there is a disagreement with management

When there are unresolved audit matters

When there are significant accounting policy changes (correct)

When the auditor wants to emphasize a matter

What is the importance of an unmodified (unqualified) audit opinion?

<p>It indicates that no issues were found during the audit</p> Signup and view all the answers

Under what circumstances does the unmodified opinion require an emphasis of a matter paragraph?

<p>When there is uncertainty about the entity's ability to continue as a going concern</p> Signup and view all the answers

Audit Reports and Communications Quiz

Choose a study mode

Podcast

Questions and Answers

What is the basic element of the auditor’s report?

When will an auditor modify an opinion?

What are the circumstances requiring an auditor’s report containing an opinion other than an unmodified one?

What is the importance of an unmodified (unqualified) audit opinion?

Under what circumstances does the unmodified opinion require an emphasis of a matter paragraph?

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