Gleim- Final Exam Questions and Correct Answers | Latest Update
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Course
Gleim FAA
Institution
Gleim FAA
The objective of the audit of GAAP-based financial statements is to
A. Make suggestions as to the form or content of the financial statements or to draft them
in whole or in part
B. Express an opinion on the fairness with which the statements present financial position,
results of operations...
A. It is difficult to prepare financial statements that fairly present a company's financial
position, results of operations and cash flows without the expertise of an independent
auditor
B. It is management's responsibility to seek available independent aid in the appraisal of the
financial information shown in its financial statements
C. The opinion of an independent party is needed because a company may not be objective
with respect to its own financial statements
D. It is customary courtesy that all shareholders of a company receive an independent
report on management's stewardship in managing the affairs of the business
✓ -:- C
15.1.5 If a company's external auditor expresses an unmodified opinion as a result of the
audit of the company's financial statement's, readers of the audit report can assume that
A. The external auditor found no fraud
B. The company is financially sound and the financial statements are accurate
C. Internal control is effective
D. Material issues about the application of accounting principles were resolved to the
satisfaction of the auditor
✓ -:- D
3|P a g e | G r a d e A + | 2 0 2 0 2 5
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