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Audit > Audit Reports > Flashcards

Audit Reports Flashcards

1
Q

Type of Opinion Given: Nonissuer GAAP
Immaterial

A

Unmodified

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2
Q

Type of Opinion Given: Nonissuer GAAP
Material but not pervasive

A

Qualified

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3
Q

Type of Opinion Given: Nonissuer GAAP
Material and Pervasive

A

Adverse

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4
Q

Type of Opinion given: Nonissuer GAAS issue
immaterial

A

Unmodified

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5
Q

Type of Opinion given: Nonissuer GAAS issue
Material but not pervasive

A

Qualified

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6
Q

Type of Opinion given: Nonissuer GAAS issue
Material and pervasive

A

Disclaimer

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7
Q

Nonissuer GAAP issue Unmodified Opinion
What would the opinion section say?

A

Present fairly

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8
Q

Nonissuer GAAP issue Qualified Opinion
What would the opinion section say?

A

Except for

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9
Q

Nonissuer GAAP issue Adverse Opinion
What would the opinion section say?

A

Do not present fairly

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10
Q

What section is not included for a nonissuer when adverse or disclaimer of opinion is given?

A

Key audit matters

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11
Q

What section is not included for an issuer when adverse or disclaimer of opinion is given?

A

Critical audit matters

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12
Q

Type of Opinion Given: Issuer GAAP
Immaterial

A

Unqualified

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13
Q

Nonissuer: First paragraph Unmodified opinion

A

Opinion

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14
Q

Nonissuer: Second paragraph Unmodified opinion

A

Basis for Opinion

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15
Q

Nonissuer: Third paragraph Unmodified opinion

A

Responsibilities of Management

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16
Q

Nonissuer: Fourth paragraph Unmodified opinion

A

Auditor’s Responsibilities

17
Q

What is included in basis for opinion unmodified paragraph?

A

Conducted our audit in accordance with GAAS, sufficient evidence

18
Q

Nonissuer: Fifth & Sixth paragraph Unmodified opinion (optional)

A

Other info, report on legal requirements

19
Q

What is included in the opinion paragraph unmodified?

A

In our opinion, FS present fairly

Audit (7 decks)

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