For each of the following statement, write T or F to indicate whether the statement is true
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Question:
For each of the following statement, write T or F to indicate whether the statement is true or false.
- Internal control is not specifically mentioned in the auditor’s report. ____
- When scope limitation is raised, the auditor could issue an adverse opinion. ____
- Audit procedures are applied to all audit engagements with no variation. ____
- When the auditor has come to conclusion that the financial statements lack adequate discourse, he should refer to the fact in a paragraph before his opinion. ____
- The auditor’s report should refer directly to the management’ responsibilities regarding the financial statements. ____
- A disclaimer of opinion is mostly used when the auditor believes the financial statements depart materially from GAAP. ____
- An unqualified opinion is an evidence that the financial statements are free of any misstatements. ____
- Existence assertion is solely extended to physical assets, such as cash and buildings. ____
- Recording sales revenue before its earned is primarily related to completeness. ____
- Right and obligation assertion targets income statements elements. ____
Related Book For
Financial Accounting Tools for business decision making
ISBN: 978-0470534779
6th Edition
Authors: Paul D. Kimmel, Jerry J. Weygandt, Donald E. Kieso
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