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ACCT 555, FINAL EXAM 04.21.18Question 1 5 pts(TCO B) When qualifying an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in theChoice D is correct. When a qualified opinion results from a limitation on the scope of the audit or an insufficiency of audit evidence, the situation should be described in the Basis for Qualified Opinion paragraph preceding the opinion paragraph and referred to in the opinion paragraph of the auditor’s report. It is not appropriate for the scope of the audit to be explained in a note to the financial statements since the description of the audit scope is the responsibility of the auditor and not that of theclient. Choices A. B. and C are incorrect based on the above explanation. Question 2 5 pts(TCO K) Which of the following procedures would an auditor most likely perform to obtain evidence about the occurrence of subsequent events?
Question 3 5 pts(TCO A) An auditor's independence is considered impaired if the auditor hasChoice A is correct. Under Rule 101 of the Code of Conduct. Independence is impaired with an audit Question 4 5 pts(TCO H) Which of the following best describes the responsibility of the auditor with respect to significant deficiencies and material weaknesses in an audit of an issuer?