5) Which auditing standard requires an expression of an opinion about the overall financial report? A) ASA 700 B) ASA 705 C) both A and B D) none of the above

6) The auditor's responsibility section of the standard unmodified report does NOT include: A) the auditor's responsibility for designing, implementing, and maintaining relevant internal controls. B) that the audit was conducted in accordance with Australian auditing standards. C) a discussion of the audit evidence accumulated and the factors considered in forming the audit opinion. D) the auditor's responsibility for expressing an opinion on the financial report based on an audit.

7) The audit report date indicates the: A) last day of the financial period. B) date on which the financial report was filed with ASIC. C) last date on which users may institute a lawsuit against either the client or the auditor. D) last day of the auditor's responsibility for the review of significant events that occurred after the date of the financial report.

8) Whenever an auditor issues a standard unmodified opinion, the implication is that the auditor: A) is satisfied that the report is prepared and presented fairly in all material respects in accordance with an applicable accounting framework. B) does not believe the report is prepared or presented fairly in all material respects in accordance with an applicable accounting framework. C) does not know if the report is prepared and presented fairly in all material respects in accordance with an applicable accounting framework. D) is satisfied that the report is prepared and presented fairly except for a specific aspect of it.

9) The auditor's conclusions are stated as opinion rather than a statement of fact: A) to avoid the possibility of legal action against the auditor. B) to allow for a margin of error. C) because conclusions are based on professional judgement. D) all of the above 10) The introductory paragraph of the standard unmodified audit report states that the financial report: A) is the responsibility of management. B) identifies the financial report examined. C) is the joint responsibility of management and the auditor. D) is the responsibility of the auditor.