Types of Audit Opinions During the course of an audit of the financial statements of Glover Industries, a CPA is refused permission to inspect the minutes from the board of directors meetings. The CPA is instead offered a certified copy of all resolutions and actions involving accounting matters. REQUIRED: Which type of audit report would you suggest be issued this year and why?
The auditor should issue a disclaimer of opinion. Failure of the client to allow the auditor to inspect the minutes of board meetings would be a material client-imposed restriction. Due to the importance of the minutes, a disclaimer would be necessary. The certified copy of all resolutions and actions is not a satisfactory alternative procedure.
You might also like to view...
Both U.S. GAAP and IFRS require the presentation of an income statement and the presentation of the items of Other Comprehensive Income. U.S. GAAP permits the following reporting format(s) except for:
a. a single statement of comprehensive income that shows all the changes in net assets except from transactions with owners. b. a two-statement presentation that includes an income statement and a separate statement of comprehensive income. c. a separate display of the items comprising Other Comprehensive Income within a statement of changes in shareholders' equity. d. a separate display of the items comprising Other Comprehensive Income within a statement of retained earnings. e. All of the above are acceptable reporting formats.
What impact does the timing of weaning have on its success
a. The later the weaning process begins, the easier it is. b. The earlier the weaning process begins, the easier it is. c. The difficulty of weaning is not dependent on when it happens. d. The earlier the weaning process begins, the harder it is.
A missing data situation is created when:
A. an interviewer engages in memoing. B. a survey is conducted online. C. a respondent purposely does not answer a question. D. open-ended questions are coded by researchers. E. member checking is employed.
Given an actual demand of 61, forecast of 58, and an of .3, what would the forecast for the next period be using simple exponential smoothing?
a. 57.1 b. 58.9 c. 61.0 d. 65.5