If an issuer omits information that the SEC requires, what paragraph is it in the report?Explanatory
If it were a GAAP omission that would be a qualified or adverse opinionWhat is the title of an issuer audit report?Report of Independent Registered Public Accounting FirmWhat is the title of a non-issuer audit report?Independent Auditor ReportIssuer:
Who is the audit report addressed to?ShareholdersNon-Issuer:
Who is the audit report addressed to?Whoever is required by circumstances of the engagementNon-Issuer:
Which paragraphs are modified if there is a disclaimer of opinion?
This is a pervasive scope limitationIntro- "We were engaged to audit"
If there is a qualified opinion due to a scope limitation, what will the opinion paragraph state?"Except for the POSSIBLE EFFECTS on the FS decscribe in the above basis for qualified opinion paragraph"What does a qualified opinion usually start off with saying?"Except for"Issuer:
Is there a heading for the additional paragraph that follows the opinion paragraph?NONon-Issuer:
Is there a basis for opinion in an unmodified report?NO
If it is unmodified there is no need for a paragraph above the opinionTrue or false
Most auditors identify at least one CAM?TrueIssuer:
Define a CAMMaterials matters that are complex that was or required to be communicated to governance. They required a lot of the auditors judgment.
These elements are stated in the CAM paragraphIssuer:
Do you have to state that no CAMS were found?Yes.
You have to state what CAMS are:
Materials matters that are complex that was or required to be communicated to governance. They required a lot of the auditors judgment.
Then state that NO CAMS are found.Non-Issuer:
When will the intro be modified?When there is a disclaimer of opinionNon-Issuer:
Where is GAAP and GAAS mentioned in the opinions?GAAP: MR and Opinion
What does the Opinion make reference to?The above paragraph for the basis of opinionNon-Issuer
Qualified GAAP vs GAAS problems (scope limitations)
What is the only difference in the opinion paragraph?Qualified: Except for the EFFECTS
Disclaimer: Except for the POSSIBLE EFFECTS ( do not use scope limitation wording)Non-Issuer
Because of the significance of the matters described in the basis for ...
What type of opinion is being issued?Adverse GAAPNon-Issuer
Except for the effects of the matters described in the basis for...
What type of opinion is being issued?Qualified GAAPNon-Issuer
Except for the possible effects of the matters described in the basis for...
What type of opinion is being issued?Qualified GAASNon-Issuer
Because of the significance of the matters described in the basis for.. We are not able to obtain sufficient appropriate audit evidence.
What type of opinion is being issued?Disclaimer of Opinion