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Auditing Assurance Services Study Set 1

Business

Quiz 18 :

Audit Reporting

Quiz 18 :

Audit Reporting

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The most common type of audit report is the standard unmodified audit report. It is used when which three of the following conditions have been met: 1. The financial report is presented fairly, in all material respects, in accordance with the applicable financial reporting framework (usually Australian accounting standards). 2) The financial report is presented fairly, in all material respects, in accordance with the relevant statutory requirements (usually the Corporations Act). 3) The financial information complies with relevant statutory and other requirements. 4) The view presented by the financial report is consistent with the auditor's understanding of the entity and its environment.
Free
Multiple Choice
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Answer:

D

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It is appropriate to issue an opinion that contains the phrase 'Because of the significance of the matter described in the Basis for Disclaimer of Opinion paragraph' when:
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Multiple Choice
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Answer:

A

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It is more difficult to evaluate the materiality of potential errors resulting from a scope limitation than from a:
Free
Multiple Choice
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Answer:

A

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What condition/s require/s departure from an unmodified report?
Multiple Choice
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Whenever an auditor issues a standard unmodified opinion, the implication is that the auditor:
Multiple Choice
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The auditor's conclusions are stated as opinion rather than a statement of fact, as:
Multiple Choice
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As the auditor was enagaged to undertake the audit after the year- end, and he was unable to physically examine inventory, the auditor has not accumulated sufficient appropriate evidence to determine whether the financial report is presented fairly. The auditor must depart from the unmodified audit report because:
Multiple Choice
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Where the preparers of the financial report believe that the application of an accounting standard may mislead the users of those statements, and the auditor concurs with this view:
Multiple Choice
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Under certain circumstances, the auditor is required to provide additional information regarding the financial report even though he or she intends to express an unmodified opinion. Normally, such explanatory information should be:
Multiple Choice
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Auditors sometimes encounter situations in which the outcome of a matter cannot be reasonably estimated at the time the financial report is issued. These matters are referred to as:
Multiple Choice
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When amounts are so material that an adverse opinion is required, the opinion statement must clearly state that the financial report:
Multiple Choice
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Whenever an auditor adds an emphasis of matter section to an unmodified audit report, the implication is that the auditor:
Multiple Choice
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It is appropriate to issue an opinion that contains the phrase 'does not present a true and fair view' when:
Multiple Choice
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Auditing Standards require that an audit report be issued whenever a public accounting firm:
Multiple Choice
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The most common case in which conditions beyond the client's and auditor's control cause a scope limitation is an engagement:
Multiple Choice
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Which of the following types of opinion is a report other than an unmodified report?
Multiple Choice
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ASA 700 requires that the title of the audit report:
Multiple Choice
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When an adverse, qualified or disclaimer of opinion is issued, ASA 705 requires that the auditor's report includes:
Multiple Choice
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When a misstatement in the financial report would affect a user's decision but the overall statements are still fairly stated, it would be appropriate to issue:
Multiple Choice
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The Corporations Act 2001 requires the auditor of a financial report to form an opinion about whether:
Multiple Choice
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