CPA Auditing and Attestation (AUD) › Audit Opinions
Of the following factors, which should most influence an auditor’s decision to modify the audit opinion of an issuer’s financial statements?
Which statement is true regarding a compilation report?
John Ryan, CPA needs to research guidance for the engagement of his client. The client is a private unaudited non-issuer and wants a compilation completed. In which of the following sections of various literature sources would John find relevant guidance?
In the course of auditing Litmus, Inc., the auditors have uncovered a scheme by management to overvalue inventory in order to adhere to bond covenants. The firm approached management and indicated the practice would stop; however, they did not want to correct this year’s financial statements. The auditor should:
In the formation of a financial statement opinion, the auditor would least likely evaluate whether:
Alfa Inc. operates a chain of restaurants in highly populated tourist destinations in the southern United States. Because of recent events, beyond the control of management, it is likely that Alfa will not survive the year. The auditors should report Alfas situation as