Auditors would not normailly issue a qualified opinion on the entity's financial statements when O an accounting principle at variance with generally accepted accounting principles is used. the auditors lack independence with respect to the audited entity. O a scope limitation prevents the auditors from completing an important auditing procedure. O the entity has undertaken a change in accounting principle with which the auditor does not agree. QUESTION 8 2.5 points Save Answer An auditor is considering whether the omission of the confirmation of investments impairs the auditor's ability to support a previously expressed unmodified opinion. The auditor feed not perform this omitted procedure if 0 the results of alternative procedures that were performed compensate for the omission. 0 the auditor's assessed level of detection risk is low. O the omission is documented in a communication with the audit committee. O no individual investment is material to the financial statements taken as a whole. QUESTION9 2.5 points Save Answer Which of the following questions would auditors most likely include on an internal control questionnaire for notes payable? 0 Are assets that collaterasze notes payable critically needed for the entity's continued .xistence? OAre two or more authorized signatures required on checks that repay notes payable? Are the proceeds from notes payable used for the purchase of noncurrent assets? O Are direct borrowings on notes payable authorized by the board of directors? QUESTION 10 26 points Save Answer Which of the following events occurring after the audit report release date most likey would cause auditors to make further inquiries about the previously-issued financial statements? An uninsured natural disaster occurs that may affect the entity's ability to continue as a going concern. A contingency is resolved that had been disclosed in the audited financial statements. New information is discovered concerning undisclosed lease transactions during the period under audit. A subsidiary is sold that accounts for 2S% of the entity's consolidated net income. QUESTION 11 2.5 points Save