Qualified opinion - Study guides, Class notes & Summaries

MULTIPLE CHOICE - Choose the one alternative that best completes the statement or answers the question. 1) Control risk is A) the probability that a material misstatement could not be prevented or detected by the entity's internal control policies and procedures. B) the probability that a material misstatement could occur and not be detected by auditors' procedures. C) the risk that auditors will not be able to complete the audit on a timely basis. D) the risk that auditors will not pr...

AUI2601 ASSIGNMENT 2 SEMESTER 1 2023 100% TRUSTED workings, explanations and solutions. For assistance call or whatsapp us on +25479 811 9845 . QUESTION 1 39 marks The International Professional Practices Framework (IPPF) is the conceptual framework that organises authoritative guidance promulgated by the Institute of Internal Auditors (IIA). Some elements of the IPPF are mandatory and essential for internal auditors, meaning internal auditors are required to conform to these elements. MARKS 1....

5 key elements of audit - Answer-1. 3 party involvement 2. subject matter (f/s) 3. suitable criteria (e.g. UK CGC) 4. evidence 5. written report ISA 200 - what are the objectives of auditors? - Answer-- obtain reasonable assurance f/s are free from material misstatement (fraud or error) - express opinion whether f/s prepared in accordance w/ financial reporting framework Exemption from statutory audit - Answer-- CA 2006 exempts small p. ltd. if 2/3: -> 50 employees or less -> tur...

ACHE WEEK 3 AND 4 FINANCE TEST QUESTIONS WITH CORRECT DETAILED ANSWERS Accounting methods - Answer-Cash accounting Accrual accounting Advantages of cash accounting - Answer-... Advantages of accrual accounting - Answer-... 4 financial statements - Answer-... Statements of operation - Answer-... What is the purpose of the statement of operation - Answer-Present the operating results over a period of time Diff between gross and net patient service revenue - Answer-... D...

ACC 480 Exam Questions And Answers 100% Verified Which of the following is a change that affects the comparability and consistency of the financial statements? Correction of a material misstatement in previously issued financial statements. Reducing the expected service life of a truck from 7 to 5 years to better reflect how long a company's trucks are actually lasting. Change in accounting estimate. Change in classification of assets from long-term to current. - answerCorrection of a m...

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t/f: When an auditor forms an opinion, they must not consider evidence that appears to be corroborate or contradict assertions in the financial statements. correct answers False (auditor should consider all relevant info) If the auditor is unable to obtain sufficient appropriate audit evidence, what should auditor do? correct answers the auditor should express a qualified opinion or disclaim an opinion on the financial statements. In other words, the auditor is required to find enough supp...

Parable realistic and has a moral Legend exaggerated story about people Myth literary sub genre of a story that involves gods and heroes, usually expressing a cultures ideals Folktale language of the people, does not need a moral, and main purpose is to entertain Fairytales element of magic, usually follows a pattern, and presents an "ideal", may contain "magic 3" or "stereotyping" Fable non-realistic, has a moral, and animals are often the main character Fable Aesop- "The Fo...

Oklahoma Real Estate Final Questions and Answers Rated A+ Cost Approach is most often used for recently built properties where the actual costs of development and construction are known. It is also used for special purpose buildings which cannot be valued by the other methods because of lack of comparable sales or income data. Income Capitalization Approach Used when valuing income producing property, value is determined by Net Operating Income Approach to valuation or appraisal a...

ACC 480 Exam Questions And Answers 100% Verified Which of the following is a change that affects the comparability and consistency of the financial statements? Correction of a material misstatement in previously issued financial statements. Reducing the expected service life of a truck from 7 to 5 years to better reflect how long a company's trucks are actually lasting. Change in accounting estimate. Change in classification of assets from long-term to current. - answerCorrection of a m...