Exam 17: Auditors Report

Which of the following is not explicitly included in an audit report for a nonpublic company?

An auditor of financial statements believes that there is substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time.In evaluating the entity's plans for dealing with the adverse effects of future conditions and events,the auditor most likely would consider,as a mitigating factor,the entity's plans to

Which of the following is a general purpose financial reporting framework?

Which of the following circumstances generally results in the issuance of a report that includes an opinion that is other than unmodified?

An independent auditor has concluded that substantial doubt remains about a client's ability to continue as a going concern,but the client's financial statements have properly disclosed all of its solvency problems.The auditor would probably issue a(an):

When reporting on comparative financial statements where the financial statements of the prior period have been examined by a predecessor auditor whose report is not presented,the successor auditor should indicate in the report:

Which of the following will result in emphasis-of-matter as to consistency in the auditor's report,regardless of whether the item is fully disclosed in the financial statements?

When a client declines to disclose essential information in the financial statements or notes,the auditor of the financial statements should:

In which of the following circumstances would an auditor of financial statements be most likely to express an adverse opinion?

An emphasis-of-matter paragraph ordinarily

After considering an entity's negative trends and financial difficulties,an auditor has substantial doubt about the entity's ability to continue as a going concern.The auditor's considerations relating to management's plans for dealing with the adverse effects of these conditions most likely would include management's plans to:

When an auditor has concluded there is substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time beyond the current financial statement date (9/30/X1),the auditor's responsibility includes:

Which of the following modifications of the auditors' report does not include an additional paragraph?

A change that the auditor agrees with from one generally accepted accounting principle to another generally accepted accounting principle that has a pervasive effect on net income usually results in an adverse opinion by the auditors.

For a particular entity's financial statements to be presented fairly in conformity with generally accepted accounting principles,it is not required that the principles selected:

If financial statements fail to disclose a material fact,the auditors may disclose the information in an emphasis-of-matter paragraph and,depending upon materiality,issue either a qualified opinion or adverse opinion on the statements.

When an auditor does not confirm material accounts receivable,but is satisfied by the application of alternative auditing procedures,she normally should:

When there is a significant question about a company's ability to remain a going concern,the report issued is usually unmodified with an emphasis-of-matter paragraph.

CPA Firm A has performed most of the audit of Consolidated Company's financial statements and qualifies as the group auditor.CPA Firm B did the remainder of the work.Firm A wishes to assume full responsibility for Firm B's work.Which of the following statements is correct?

A scope restriction is least likely to result in a(an):