When Qualifying an Opinion Because of an Insufficiency of Audit

question 49

Multiple Choice

When qualifying an opinion because of an insufficiency of audit evidence, an auditor should refer to the situation in the $\begin{array}{lcc}& \text {Auditor's Responsibilities for}& \text {Notes to the}\\& \text {the Audit of the Financial}& \text {Financial}\\& \text {Statements Section}& \text {Statements}\end{array}$
A. $\begin{array}{lcc}&&&&& \text { Yes } &&&&&&&& \text { Yes } \\\end{array}$
B. $\begin{array}{lcc}&&&&& \text { Yes } &&&&&&&& \text { No } \\\end{array}$
C. $\begin{array}{lcc} &&&&& \text { No } &&&&&&&& \text { Yes } \\\end{array}$
D. $\begin{array}{lcc} &&&&& \text { No } &&&&&&&& \text { No }\end{array}$

• A)Option A
• B)Option B
• C)Option C
• D)Option D

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Definitions:

Marginal Cost

The financial outlay for producing a subsequent unit of a product or service.

Market Price

The prevailing market rate at which a service or asset can be purchased or sold, influenced by the balance of supply and demand.

Marginal Cost

The additional cost incurred from producing one more unit.

Average Revenue

The revenue received per unit of goods or services sold.