Devry ACCT 444 Week 7 Quiz Latest

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Devry ACCT 444 Week 7 Quiz Latest

Question 1

3 / 3 pts

(TCO 2) When a misstatement in the financial statements exists, but is unlikely to affect the decisions of a reasonable user, it would be appropriate to issue

an unqualified opinion.

a qualified opinion.

an adverse opinion.

a disclaimer of opinion.

Question 2

0 / 3 pts

(TCO 2) Under which of the following sets of circumstances should an auditor issue a qualified opinion?

The financial statements contain a departure from generally accepted accounting principles, the effect of which is material.

The principal auditor decides to make reference to the report of another auditor who audited a subsidiary.

There has been a material change between periods in the method of the application of accounting principles.

There are significant uncertainties affecting the financial statements.

Question 3

3 / 3 pts

(TCO 2) An auditor who is unable to form an opinion on a new client’s opening inventory balances may issue an unmodified opinion on the current year’s:

Income statement only.

Statement of cash flows only.

Balance sheet only.

Statement of shareholders’ equity only.

Question 4

3 / 3 pts

(TCO 2) Comparative financial statements include the financial statements of the prior year that were audited by a predecessor auditor whose report is not presented. If the predecessor’s report was qualified, the successor should:

Indicate the substantive reasons for the qualification in the predecessor auditor’s opinion.

Request the client to reissue the predecessor’s report on the prior year’s statements.

Issue an updated comparative audit report indicating the division of responsibility.

Express an opinion only on the current year’s statements and make no reference to the prior year’s statements.

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Devry ACCT 444 Week 7 Quiz Latest

Best Devry ACCT 444 Week 7 Quiz Latest

Devry ACCT 444 Week 7 Quiz Latest