When a client will not permit inquiry of outside legal counsel, the audit report will ordinarily contain a[n] ________.

Select one:

a. unqualified opinion with a separate explanatory paragraph.

b. "except for" qualified opinion regarding a departure from generally accepted accounting principles.

c. adverse opinion.

d. disclaimer of opinion.

In what way does the regulation of public accountants in Canada help to reduce information risk for investors?

Select one:

a. By acting as a source of financial compensation for investors when corporate failures occur.

b. By guaranteeing the accuracy of the financial statements.

c. By establishing performance and quality control standards that all public accounting firms must follow when conducting audits.

d. By requiring auditors to quantify and set information risk to a uniformly acceptable level.

The bank confirmation provides the most evidence for which of the following assertions about cash?

Select one:

a. Completeness.

b. Valuation.

c. Presentation.

d. Existence.

Unintentional misstatements or omissions of amounts or disclosures in financial statements are known as ________.

Select one:

a. embezzlement.

b. fraud.

c. irregularities.

d. errors.