Master the Basics of Audit Reports
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Questions and Answers

Which organization's auditing standards are used to describe the parts of the standard unmodified opinion audit report for nonpublic entities?

  • SEC
  • PCAOB
  • AICPA (correct)
  • FASB
  • Under which organization's auditing standards should an auditor specify the conditions required to issue the standard unmodified opinion audit report?

  • SEC
  • FASB
  • AICPA (correct)
  • PCAOB
  • According to the text, under which organization's auditing standards should an auditor report on financial statements and internal control?

  • PCAOB (correct)
  • FASB
  • AICPA
  • SEC
  • In what circumstances is it appropriate to include an emphasis-of-matter explanatory paragraph or nonstandard wording in an unmodified opinion audit report?

    <p>When the auditor has doubts about the entity's ability to continue as a going concern</p> Signup and view all the answers

    When is an unmodified opinion not justified and other types of audit reports may be issued?

    <p>When the auditor identifies material misstatements in the financial statements</p> Signup and view all the answers

    Which organization's auditing standards are used to describe the parts of the standard unmodified opinion audit report for nonpublic entities?

    <p>AICPA</p> Signup and view all the answers

    Under which organization's auditing standards should an auditor report on financial statements and internal control?

    <p>PCAOB</p> Signup and view all the answers

    Under which organization's auditing standards should an auditor specify the conditions required to issue the standard unmodified opinion audit report?

    <p>AICPA</p> Signup and view all the answers

    When is an unmodified opinion not justified and other types of audit reports may be issued?

    <p>When there are material misstatements in the financial statements</p> Signup and view all the answers

    In what circumstances is it appropriate to include an emphasis-of-matter explanatory paragraph or nonstandard wording in an unmodified opinion audit report?

    <p>When there are uncertainties related to going concern</p> Signup and view all the answers

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