ACCT 444 Week 7 Quiz Set 2
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1 . ( TCO 2 ) If a misstatement is immaterial to the financial statements of the entity for the current period , but is expected to have a material effect in future periods , it is appropriate to issue a ( n )
2 . ( TCO 2 ) When the auditor believes a company ' s financial statements are misleading because they were not prepared in conformity with GAAP , the auditor must issue a ( n )
3 . ( TCO 2 ) When qualifying an opinion because of an insufficiency of audit evidence , an auditor should refer to the situation in the :
4 . ( TCO 2 ) Jewel , CPA , audited Infinite Co .' s prior-year financial statements . These statements are presented with those of the current year for comparative purposes without Jewel ' s auditor ' s report , which expressed a qualified opinion . In drafting the current year ' s auditor ' s report , Crain , CPA , the successor auditor , should :
Not name Jewel as the predecessor auditor . Indicate the type of report issued by Jewel . Indicate the substantive reasons for Jewel ' s qualification . 5 . ( TCO 11 ) Which of the following is not a purpose of the client letter of representation ?
6 . ( TCO 2 ) Which of the following conditions or events most likely would cause an auditor to have substantial doubt about an entity ' s ability to continue as a going concern ?