M5 Flashcards
Time constraints
Qualified or disclaimer
Inability to obtain sufficient appropriate audit evidence
qualified or disclaimer
not independent
disclaimer
unaudited F/S
disclaimer
refusal of management to provide written representation
disclaimer
don’t follow GAAP
qualified or adverse
inappropriate accounting principles
qualified or adverse
unreasonable estimates
qualified or adverse
inadequate disclosures
qualified or adverse
incorrect numbers
qualified or adverse
no justification of change in actg principal
qualified or adverse
what are the changes to OBRA in a qualified opinion
O - except for as described in the basis
B - add paragraph describing departures, include that the opinion is qualified
What are the changes to OBRA in an adverse opinion
O - because of the significance of the matter discussing in the basis for adverse opinion
B - add paragraph describing departure and that the opinion is adverse
What opinion will result if a company omits their cash flow statements
Qualified opinion
