Why would an auditor issue a disclaimer of opinion with regards to an audit of financial statements?What does this type of opinion mean?
What will be an ideal response?
If an auditor is unable to perform the audit procedures necessary to determine whether the statements are prepared in accordance with GAAP, the auditor cannot issue an opinion on the financial statements. Instead, the auditor issues a disclaimer of opinion. A disclaimer is neither negative nor positive. It simply means that the auditor is unable to obtain enough information to confirm compliance with GAAP.
You might also like to view...
Channel power is the ability to alter channel members' behavior so they take actions they would not have taken otherwise
Indicate whether the statement is true or false
________ uses random numbers to generate simulation events
Fill in the blanks with correct word
Which of the following statements is CORRECT?
A. Once a firm has defined its purpose, scope, and objectives, it must develop a strategy or strategies for achieving its goals. The statement of corporate strategies sets forth detailed plans rather than broad approaches for achieving a firm's goals. B. A firm's corporate purpose states the general philosophy of the business and provides managers with specific operational objectives. C. Operating plans provide management with detailed implementation guidance, consistent with the corporate strategy, to help meet the corporate objectives. These operating plans can be developed for any time horizon, but many companies use a 5-year horizon. D. A firm's mission statement defines its lines of business and geographic area of operations. E. The corporate scope is a condensed version of the entire set of strategic plans.
When does acceptance of an offer to enter into a unilateral contract generally occur?
A) Upon notice of intent to accept by the offeree. B) Upon full performance by the offeror with the intention of accepting. C) Upon commencement of performance by the offeree. D) Upon full performance by the offeree with the intention of accepting.