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4 2009 devrybecker educational development corp all

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Unformatted text preview: the departure in an explanatory paragraph, but may issue an unqualified opinion on the financial statements. Choices "b", "c", and "d" are incorrect. The auditor's opinion need not be qualified or adverse since the financial statements are presented fairly. 4 © 2009 DeVry/Becker Educational Development Corp. All rights reserved. Maxixishere Pdf Collection Auditing and Attestation 1 Class Questions 8. CPA-02389 An auditor concludes that there is substantial doubt about an entity's ability to continue as a going concern for a reasonable period of time. If the entity's financial statements adequately disclose its financial difficulties, the auditor's report is required to include an explanatory paragraph that specifically uses the phrase(s): a. b. c. d. "Reasonable period of time, not to exceed one year" Yes Yes No No "Going concern" Yes No Yes No CPA-02389 Choice "c" is correct. The auditor has a responsibility to evaluate whether there is substantial doubt about the ent...
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