table - auditor will not say there is or is not GAAP...

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The Effect of Materiality and Type of Problem on the Audit Opinion Audit Problem Not Material Material Highly Material (Pervasive) GAAP (can see that there is  a GAAP compliance  problem, so auditor  can  say there is a  problem) Unqualified Qualified (Except for in opinion  paragraph and  explanatory  paragraph added  before the opinion  paragraph) Adverse Scope (can’t see evidence to  support or refute  GAAP compliance, so 
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Unformatted text preview: auditor will not say there is or is not GAAP compliance) Unqualified Qualified (Except for in opinion and scope paragraph and explanatory paragraph added before the opinion paragraph) Disclaimer Audit Lacks Independence Materiality is not a consideration if the SEC says the audit firm is not independent. Disclaimer Is always given...
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This note was uploaded on 10/28/2009 for the course ACG 3141 taught by Professor Graybeal during the Spring '08 term at University of Central Florida.

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