Question

Which of the following auditor's opinions is most desirable by a company? Question 44 options: Unqualified...

Which of the following auditor's opinions is most desirable by a company?

Question 44 options:

Unqualified (Unmodified).

Disclaimer.

Qualified.

Adverse.
Business   Accounting   
0 0
Add a commentTranscribed image text
Next >

Homework Answers

Answer #1

Unqualified (Unmodified)

The unqualified openion is also called as the clean openion. If an auditor have given an unqualified openion that means the financial statements are presumed to be free from material mistatements

The company will attain many advantages from this unqualified openion such as

* Improves the credit from suppliers, creditors and customers

* Generate tax exemption

* Improve the shareholders point of view on the integrity of management

* May reduce the finance costs

Thus Unqualified (Unmodified) openion is most desirable by a company.

0 0
Know the answer?
Your Answer:

Post as a guest

Your Name:

What's your source?

Earn Coins

Coins can be redeemed for fabulous gifts.

Log In

Sign Up

Not the answer you're looking for?
Ask your own homework help question
Similar Questions
Which of the following is not one of the principal CPA firm’s options when issuing a...
Which of the following is not one of the principal CPA firm’s options when issuing a report for which another CPA firm performed part of the audit? Select one: a. A standard unqualified report and make no reference to the other CPA firm in the report. b. An unqualified opinion is required if the principal CPA firm is not willing to assume any responsibility for the work of the other CPA firm. c. A qualified opinion or adverse opinion, depending...
1- Assuming a period of inflation, which inventory costing method will result in the highest profits?...
1- Assuming a period of inflation, which inventory costing method will result in the highest profits? Specific identification LIFO Average costs FIFO 2- An auditor's report that signifies that the financials of a company are fairly presented in accordance with GAAP accounting is called a _____________ report. qualified unqualified adverse disclaimer of opinion 3- Changes to prepaid expenses would be found on the: statement of shareholders' equity. cash flow statement. balance sheet. income statement. 4- 4- Non-GAAP accounting might be...
Evaluating a potential client requires which of the following steps? Question 21 options: 1) Communicate with...
Evaluating a potential client requires which of the following steps? Question 21 options: 1) Communicate with the predecessor auditor. 2) Preplan the audit. 3) Establish the terms of the engagement. 4) None of these. Question 22 (3 points) What factor would most likely would cause a CPA not to accept a new audit engagement? Question 22 options: 1) the prospective client's unwillingness to permit inquiry of its legal counsel 2) the inability to review the predecessor auditor's documentation 3) the...
The emphasis of matter paragraph in an audit report would normally refer to the fact that...
The emphasis of matter paragraph in an audit report would normally refer to the fact that the auditor’s opinion is: an adverse opinion. a disclaimer of opinion. qualified in this respect. unqualified in this respect. An adverse opinion is most likely to be appropriate when there is: a scope limitation. a misstatement confined to a specific item. a disagreement with those charged with governance which is material and pervasive. inconsistent other information. Which of the following is not correct about...
1. Which of the following is a type of audit opinion that a firm would prefer...
1. Which of the following is a type of audit opinion that a firm would prefer to receive? a. Unqualified opinion b. Qualified opinion c. Adverse opinion d. Clear opinion e. None of the answers are correct.
Which of the following scenarios would most likely increase financial leverage? Question 3 A company issues...
Which of the following scenarios would most likely increase financial leverage? Question 3 A company issues bonds to purchase treasury stock. A company buys fixed assets with cash. A company signs an operating lease agreement for a new manufacturing facility. A company increases its dividend payout, making it in cash on the following payment date. Question 4: Bolton Company substantially increased its allowance for bad debt. Which of the following effects will occur? Question 4 options: It will reduce the...
Question 7 (1 point) Which of the following statements is false? Question 7 options: Asymmetric information...
Question 7 (1 point) Which of the following statements is false? Question 7 options: Asymmetric information can exist both before and after a transaction. Moral hazard occurs when one party to a transaction changes his or her behavior in a way that is hidden from and costly to the other party. Adverse selection has the potential to eliminate some markets. none of the above
Which of the following compounds is the most soluble in water? Online Question 1 options: A)...
Which of the following compounds is the most soluble in water? Online Question 1 options: A) Magnesium Carbonate, MgCO3 Ksp = 4.0 x 10-5 B) Silver Sulfate, Ag2SO4 Ksp = 1.4 x 10-5 C) Barium Fluoride, BaF2 Ksp = 1.7 x 10-6 D) Calcium Hydroxide, Ca(OH)2 Ksp = 8.0 x 10-6
Which of the following statements is most correct? Question options: A) Semistrong-form market efficiency means that...
Which of the following statements is most correct? Question options: A) Semistrong-form market efficiency means that stock prices reflect all public information, and thus analyzing public information may not lead to an abnormal return. B) An individual who has information about past stock prices should be able to profit from this information in a weak-form efficient market. C) An individual who has inside information about a publicly traded company should be able to profit from this information in a strong-form...
Which of the following provides the MOST likely explanation for why multicellularity evolved? Question 4 options:...
Which of the following provides the MOST likely explanation for why multicellularity evolved? Question 4 options: Increased body size allowed organisms to consume single-celled prey. Single-celled organisms are not capable of carrying out all life functions. Cells needed to develop a way to eliminate waste products.
ADVERTISEMENT
Need Online Homework Help?

Get Answers For Free
Most questions answered within 1 hours.

Ask a Question
ADVERTISEMENT