B. Unqualified opinion with an explanatory paragraph.C. Qualified opinion due to a scope limitation.D. Qualified opinion due to a departure from generally accepted auditing standards.
57.In which of the following situations would auditors ordinarily choose between expressing a qualified opinion or an adverse opinion on the entity's financial statements? A. The auditors did not observe the entity's physical inventory and are unable to become satisfied as to its balance by other auditing procedures.B.The financial statements fail to disclose information that is required by generally accepted accounting principles.C.The auditors are asked to report only on the entity's balance sheet but not on the other basic financial statements.D. Events disclosed in the financial statements cause the auditors to have substantial doubt about the entity's ability to continue as a going concern. 58.The auditors conclude that an entity's illegal act, which has a material effect on the financial statements, has not been properly accounted for or disclosed. Depending on the overall materiality and pervasiveness of the effect of this illegal act on the financial statements, the auditors should express either a(n) 59.Auditors would notnormally issue a qualified opinion on the entity's financial statements when 60.Which of the following phrases would auditors most likely include in their report when expressing a qualified opinion on the entity's financial statements because of inadequate disclosure?
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- Spring '12
- Balance Sheet, opinion, Auditor's report