Exam (elaborations)
UNIT 4 D251 ADVANCED AUDITING QUESTIONS AND ANSWERS
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UNIT 4 D251 ADVANCED AUDITING QUESTIONS AND ANSWERS
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Tech Company has an uncertainty because of pending litigation. The auditor decided
to issue a qualified opinion rather than an unqualified opinion. Which of the following
factors most likely influenced this decision?
a. Inconsistent application of GAAP.
b. Inability to estimate the amount of loss.
c. The client's lack of experience with such litigation.
d. Adequacy of the disclosures.
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d. Adequacy of the disclosures.
As part of identifying CAMs, which of the following factors would an auditor consider
when determining whether a matter involved especially challenging, subjective, or
complex auditor judgment?
a. The auditor's assessment of the risks of material misstatement, including significant
risks.
b. The nature and timing of significant unusual transactions and the extent of audit
effort and judgment related to requisite transactions.
c. The degree of auditor subjectivity in applying audit procedures to address the
matter or in evaluating the results of those procedures.
d. The auditor would consider all of the above factors.
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d. The auditor would consider all of the above factors.
What is an example of the contents of an opinion paragraph in an unqualified audit
report?
a. "The financial statements referred to above present fairly . . . ."
b. "An audit includes examining, on a test basis . . . ."
c. "Nothing came to our attention . . . ."
d. "We have audited . . . ."
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