Question
1. _________________ are a complete set of financial statements for one or more prior periods included for comparison with the financial statements of the current
1. _________________ are a complete set of financial statements for one or more prior periods included for comparison with the financial statements of the current period.
2. _________________ is not an opinion; it simply states that the auditors do not express an opinion on the financial statements.
3. _________________ states that the financial statements are not presented fairly in conformity with generally accepted accounting principles.
4._________________ states that the financial statements are presented fairly in conformity with generally accepted accounting principles except for the effects of some matter.
5. __________________ prevent the auditors from being able to apply all of the audit procedures that they consider necessary in the circumstances.
6. It is a paragraph included in the auditors report that is required by GAAS or is included at the auditors discretion, and that refers to a matter appropriately presented or disclosed in the financial statements that, in the auditors judgments. What is this paragraph?
7. It is a paragraph inserted in an auditors report to explain a matter or to describe the reasons for giving an opinion that is other than unmodified. This term is still used in PCAOB standards.
8. The auditors _____________________ states that the audit was performed in conformity with generally accepted auditing standards and expresses an opinion that the clients financial statements are presented fairly in conformity with generally accepted accounting principles.
9. When the client makes ___________________, the nature of, justification for, and effect of the change are reported in a note to the financial statements for the period in which the change is made.
10. When the group auditors make reference to the work performed by the component auditors, they are in essence dividing responsibility for the engagement among the group and component auditors. This type of report has often been called __________________________.
A. | a change in accounting principles |
B. | scope limitations |
C. | standards report |
D. | a disclaimer |
E. | a shared responsibility opinion |
F. | an explanatory paragraph |
G. | an emphasis-of-matter paragraph |
H. | comparative financial statements |
I. | adverse opinion |
J. | qualified opinions |
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