When issuing an unmodified opinion, the auditor who evaluates the audit findings should be satisfied that the
Added by Joaquin S.
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An unmodified opinion is a type of audit opinion that indicates the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework. Show more…
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If the financial statements examined by an auditor lead the auditor to issue an opinion that contains an exception that is not of sufficient magnitude to invalidate the statement as a whole, the opinion is said to be unqualified. qualified. exceptional. adverse.
Sanchit J.
1. An audit client has a significant amount of loans receivable outstanding (40% of assets), but has an inadequate internal control system over the loans. The auditor cannot locate sufficient information to prepare an aging of the loans or to identify the collateral for about 75% of the loans, even though the client states that all loans are collateralized. The auditor sent out confirmations to verify the existence of the receivables, but only 10 of the 50 sent out were returned. The auditor attempts to verify the other loans by looking at subsequent payments, but only eight had remitted payments during the month of January, and the auditor wants to wrap up the audit by February 15. The auditor estimates that if only 10 of the 50 loans were correctly recorded, loans would need to be written down by $7.5 million. a. Unmodified b. Modified, qualified c. Modified, disclaimer d. Modified, adverse
Jennifer S.
1. Which is not a requirement for the auditor to issue an opinion on ICFR?
Vishal S.
Recommended Textbooks
Horngren’s Cost Accounting
Cost Accounting A Managerial Emphasis
Principles of Accounting Volume 1: Financial Accounting
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