Week Four Quiz

1. The auditor's responsibilities with regard to audit works is usually up to the last date of field works. (True/False

2. Name the various types of opinions expressed by an independent auditor.

unqualified opinion report, qualified opinion report, adverse opinion report and disclaimer of opinion report.

1. List the three types of going concern issues.

negative cash flow from operations defaults on loans agreements, adverse financial ratios, work stoppages , loss of key management, legal proceeding with major negatives implication to the company.

1. Describe very briefly three conditions under which an auditor issues a qualified report.

2. When the auditor scope is limited when only some part of the financial statement are available.

3. Financial statement prepared...