The Emphasis of Matter Paragraph in an Audit Report Would

question 12

Multiple Choice

The emphasis of matter paragraph in an audit report would normally refer to the fact that the auditor's opinion is:

• A) qualified in this respect.
• B) not qualified in this respect.
• C) a disclaimer of opinion.
• D) an adverse opinion.

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Definitions:

Opportunity Cost

The denial of potential enhancements from other possibilities once one choice is made.

TV Commercials

Short advertisements broadcasted on television, designed to inform or persuade viewers about products, services, or ideas.

Opportunity Costs

The cost of forgoing the next best alternative when making a decision or choosing to do one thing over another.

Tax Rebate

A refund on taxes when the tax liability is less than the taxes paid.