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A scope limitation sufficient to preclude an unqualified opinion always will result when management General938 students attemted this question.
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Copyright 2022. All Rights Reserved. In which of the following circumstances would an auditor not express an unqualified opinion?In which of the following circumstances would an auditor not express an unmodified opinion? The auditor is unable to obtain audited financial statements of a consolidated investee.
Is a limitation of scope a qualified opinion?A qualified opinion indicates that there was either a scope limitation, an issue discovered in the audit of the financials that were not pervasive, or an inadequate footnote disclosure. A qualified opinion is an auditor's opinion that the financials are fairly presented, with the exception of a specified area.
What five circumstances are required for an unqualified opinion?3-6 An unqualified report may be issued under the following five circumstances: All statements—balance sheet, income statement, statement of retained earnings, and statement of cash flows—are included in the financial statements. The three general standards have been followed in all respects on the engagement.
What conditions should be met to issue a standard unqualified audit opinion?The auditor reports with a standard unqualified opinion is issued by an auditor when the financial statements are judged to be free from material misstatements and presented fairly in compliance with the Generally Accepted Accounting Principles (GAAP).
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