83%(18)15 out of 18 people found this document helpful
This preview shows page 3 - 6 out of 12 pages.
16) If the phrase "except for" is present in the opinion paragraph of the audit report, the auditor has issued a(n):A) adverse opinion.B) disclaimer of opinion.C) unqualified opinion.D) qualified opinion.**17) Items that materially affect the comparability of financial statements generally require disclosure in the
footnotes. If the client refuses to properly disclose the item, the auditor will most likely issue:
18) In which of the following circumstances would an auditor most likely express an adverse opinion?19) A misstatement in the financial statements can be considered material if knowledge of the misstatement will affect a decision of:20) Misstatements must be compared with some measurement base before a decision can be made about materiality. A commonly accepted measurement base includes:A) net income.B) total assets.C) working capital.D) all of the above.**21) Ethics are:22) The objective of an audit of the financial statements is an expression of an opinion on:
23) If the auditor believes that the financial statements are not fairly stated or is unable to reach a conclusion because of insufficient evidence, the auditor: