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d. Subject to the departure from generally accepted accounting principles, as described above.
With the foregoing explanation of these omitted disclosures.
Except for the omission of the information discussed in the preceding paragraph.
Does not present fairly in all material respects. CPA-02469
Choice "c" is correct. The only phrase acceptable in a qualified opinion is "except for." In the presence of
inadequate disclosure, the auditor's opinion would state "In our opinion, except for the omission of the
information discussed in the preceding paragraph,..."
Choice "a" is incorrect. "Subject to" opinions are not used.
Choice "b" is incorrect. In the presence of inadequate disclosure, the auditor's opinion would state
"except for..." The phrase "with the foregoing explanation" is expressly prohibited.
Choice "d" is incorrect. The statement, "does not present fairly," would be used for an adverse opinio...
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- Fall '12