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When a qualified opinion results from a limitation on the scope of the
audit, the situation should be described in an explanatory paragraph
Question 14
The standard report issued by an accountant after reviewing the financial
statements of a nonpublic entity states that
Question 15
Which of the following phrases would an auditor most likely include in
the auditor's report when expressing a qualified opinion because of
inadequate disclosure?
Question 16
A client has capitalizable leases but refuses to capitalize them in the
financial statements. Which of the following reporting options does an
auditor have if the amounts pervasively distort the financial statements?
Question 17
Wolf is auditing an entity's compliance with requirements governing a
major federal financial assistance program in accordance with
Government Auditing Standards. Wolf detected noncompliance with
requirements that have a material effect on the program.
Wolf's report on compliance should express
Question 18
General Retailing, a nonissuer, has asked Ford, CPA, to compile its
financial statements that omit substantially all disclosures required by
GAAP. Ford may comply with General's request provided the omission
is clearly indicated in Ford's report and the
Question 19
Moore, CPA, has been asked to issue a review report on the balance
sheet of Dover Co., a nonpublic entity. Moore will not be reporting on
Dover's statements of income, retained earnings, and cash flows.
Moore may issue the review report provided the
Question 20
Reporting standards for financial audits under Government Auditing
Standards (the Yellow Book) differ from reporting under generally
accepted auditing standards in that Government Auditing Standards
require the auditor to
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