B enhance the degree of confidence of intended users

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B. Enhance the degree of confidence of intended users in the financial statements. C. Deter creditors from extending loans in high-risk situations. D. Describe the specific auditing procedures undertaken to gather evidence for the opinion. 111. What is the appropriate opinion to express when the auditor concludes that the financial statements are prepared, in all material respects, in accordance with the applicable financial reporting framework? A. Unmodified opinion. B. Qualified opinion. C. Adverse opinion. D. Disclaimer of opinion. 112. The first section of the auditor’s report shall have the heading A. Responsibilities for the Financial Statements. B. Opinion. C. Auditor’s Responsibilities for the Audit of the Financial Statements. D. Basis for Opinion. 113. Which of the following sections in the auditor’s report shall be placed immediately after the Opinion section? A. Management’s Responsibilities for the Financial Statements. B. Auditor’s Responsibilities for the Audit of the Financial Statements. C. Basis for Opinion. D. Other Reporting Responsibilities. Page 20 114. The Basis for Opinion section of the auditor’s report shall A. State that the financial statements have been audited. B. State that the objective of the auditor is to issue an auditor’s report that includes the auditor’s opinion. C. Describe management’s responsibility for preparing the financial statements in accordance with the applicable financial reporting framework. D. State that the audit was conducted in accordance with Philippine Standards on Auditing (PSAs). 115. Which of the following management’s responsibilities shall be described in the Responsibilities for the Financial Statements section the auditor’s report? A. Responsibility for preparing the financial statements in accordance with the applicable financial reporting framework.
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B. Responsibility for obtaining reasonable assurance about whether the financial statements as a whole are free from material misstatement. C. Responsibility to exercise professional judgment and maintain professional skepticism throughout the audit. D. Responsibility to identify and assess the risks of material misstatement of the financial statements. 116. The description of the auditor’s responsibilities for the audit of the financial statements shall be included I. Within the body of the auditor’s report. II. Within an appendix to the auditor’s report. III. By a specific reference within the auditor’s report to the location of such a description on a website of an appropriate authority. A. I only. C. I or II only. B. II only. D. I, II, or III. 117. Which of the following statements concerning communication of key audit matters in the auditor’s report is incorrect ? A. Communicating key audit matters in the auditor’s report enhances the communicative value of the auditor’s report by providing greater transparency about the audit that was performed.
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