Question: For each of the following brief scenarios assume that you

For each of the following brief scenarios, assume that you are reporting on a client’s current year financial statements. Reply as to the type or types of opinion possible in the circumstance.
S Unmodified—standard
U Unmodified with emphasis-of-matter or other-matter paragraph
Q Qualified
D Disclaimer
A Adverse
Since more than one report may be possible in several of the circumstances, a second “opinion” column is added for each circumstance. In certain cases, you will not need to use the second column. Do not read more into the circumstance than what is presented, and do not consider the possibility of an auditors’ discretionary emphasis-of-matter paragraph being added to the audit report. Unless stated otherwise, assume that the information presented is material to the financial statements. If the situation doesn’t tell you whether a misstatement pervasively misstates the financial statements or doesn’t list a characteristic that indicates pervasiveness, two reports may bepossible.

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  • CreatedOctober 27, 2014
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