What type of audit opinion is issued when the only errors found during the audit are immaterial?
Question:
What type of audit opinion is issued when the only errors found during the audit are immaterial? Why?
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 66% (6 reviews)
The unmodified audit opinion ...View the full answer
Answered By
Raunak Agarwal
Teaching is my hobby and now my profession. I teach students of CA and CFA(USA) in batches of 100 students and have a 5 year experience.
5.00+
1+ Reviews
10+ Question Solved
Related Book For
Auditing The Art and Science of Assurance Engagements
ISBN: 978-0134613116
14th Canadian edition
Authors: Alvin A. Arens, Randal J. Elder, Mark S. Beasley, Joanne C. Jones
Question Posted:
Students also viewed these Business questions
-
The following two reports are taken from the same page of a published annual report. DIRECTORS' DECLARATION The Directors declare that: (a) In the Directors' opinion, there are reasonable grounds to...
-
The 2013 Intel Form 10-K can be found at the following Web site: www.pearsonhighered.com/fraser. T he company's annual report which includes the letters from the CEO and the chairman can be found at...
-
Based on your answer to question 13.13, explain what type of audit opinion you would issue. Why? Fabrication Holdings Ltd. (FH) has been a client of KFP Partners for many years. You are an audit...
-
Consider the following the flat database table: FName LName Address California Florida New Jersey California Mark Maria John Mark John Smith Cruise Hareson Smith Hareson Course code TM366 TM366 TM112...
-
Write a balanced equation for the formation of PEP from pyruvate and compare it with the reverse reaction of glycolysis.
-
What are some important distinctive characteristics of ethical problems? What distinguishes an ethical from a legal problem?
-
Founded in 1966 as a trader of oil and oil products, Vitol is a company with no external shareholders. All shareholders are also employees. It is a conglomerate company of energy companies that work...
-
Linton Company purchased a delivery truck for $34,000 on January 1, 2015. The truck has an expected salvage value of $2,000, and is expected to be driven 100,000 miles over its estimated useful life...
-
Question 17 (1 point) If the credit to record the payment of an account payable is not posted Liabilities will be understated Expenses will be understated Cash will be overstated Which statement is...
-
As a financial analyst at Glencolin International (GI) you have been asked to evaluate two capital investment alternatives submitted by the production department of the firm. Before beginning your...
-
Explain what is meant by a close call in evaluating the going concern. If, in assessing a close call, the auditor concludes that the client does not need to disclose a material uncertainty related to...
-
Explain the difference between key audit matters and emphasis of matter and other matter paragraphs.
-
The table shows the number of live births per 1000 women aged 15-44 years in the United States, starting in 1965. (National Center for Health Statistics, www.cdc.gov/nchs/) a) Make a scatterplot and...
-
Philip Morris expects the sales for his clothing company to be $510,000 next year. Philip notes that net assets (Assets - Liabilities) will remain unchanged. His clothing firm will enjoy a 8 percent...
-
1) Extend the ProWrestler class in the Undertaker class 2) Implement the Entrance interface in the JohnCena class(The method should print out an appropriate message for the entrance) 3) Implement the...
-
Adil purchased 1,000 units in the Equinox Segregated Fund on March1st of this year. The Net Asset Value (NAV) of the Equinox Fund was $14.80 on January 1st and during the course of the year this fund...
-
The consulting agency is working with the client on engineering plans. The client has 3 sanitation engineers that each can work 160 hours per month at a rate of $40 per hour. When the client needs...
-
The Lopez-Portillo Company has $11.2 million in assets, 60 percent financed by debt and 40 percent financed by common stock. The interest rate on the debt is 9 percent and the par value of the stock...
-
Zaki Metal Company produces the steel wire that is used for the production of paper clips. In 2016, the first year of operations, Zaki produced 60,000 km of wire and sold 50,000 km. In 2017, the...
-
Suppose the concentration of glucose inside a cell is 0.1 mm and the cell is suspended in a glucose solution of 0.01 mm. a. What would be the free energy change involved in transporting 10-o mole of...
-
Explain what is meant by "contingencies." Give an example of a contingency, and discuss its appropriate disclosure in the financial statements.
-
Canada will be adopting the new standard, ISA 701, which will include reporting of assessed risks of material misstatement identified by the auditor and their effect on the overall audit strategy....
-
If reviews provide less assurance than audits, and compilations provide no assurance, why is there a demand for these types of services?
-
LaToya Limmons is the manager of the Human Resources (HR) department and Javier Jartin is the manager of the sales department for a production company headquartered in the United States but also has...
-
The beam AD is fixed to a rigid wall at A and is supported by props at B and C as shown in figure 1. In sections AB and BC, the flexural rigidity is EI, but in section CD the flexural rigidity is...
-
What is the meaning of 'framing' and how does it impact the way we negotiate? (Your own opinion)
Study smarter with the SolutionInn App