The Most Common Type of Audit Report Is the Standard

question 23

Multiple Choice

The most common type of audit report is the standard unmodified audit report. It is used when which three of the following conditions have been met: 1. The financial report is presented fairly, in all material respects, in accordance with the applicable financial reporting framework (usually Australian accounting standards) .
2) The financial report is presented fairly, in all material respects, in accordance with the relevant statutory requirements (usually the Corporations Act) .
3) The financial information complies with relevant statutory and other requirements.
4) The view presented by the financial report is consistent with the auditor's understanding of the entity and its environment.

• A) 1, 2 & 3
• B) 2, 3, & 4
• C) 1, 2 & 4
• D) 1, 3 & 4

---

Definitions:

Security

A financial instrument designated as a note, stock, or bond or any other instrument named in the Securities Act of 1933.

Permanent Resident

An individual who has been granted the right to live permanently in a country other than their native country, but is not a citizen of that country.

Registration Process

The procedure of officially recording something or someone's details on an official list.

Imprisonment

The act of confining someone in a prison or similar facility as punishment for committing a crime.