If, After the Accumulation of Final Evidence and During the Evaluation

question 43

Multiple Choice

If, after the accumulation of final evidence and during the evaluation of results, the auditor concludes that sufficient evidence has NOT been obtained to draw a conclusion about fairness of the client's representations, there are several choices:

• A) issue a disclaimer of opinion or withdraw from the engagement.
• B) obtain additional information or issue an adverse opinion.
• C) issue a qualified opinion or issue a disclaimer of opinion.
• D) obtain additional evidence, issue a qualified opinion, or issue a disclaimer of opinion.

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Definitions:

Invest

To allocate resources, usually money, with the expectation of generating an income or profit.

Scrap Value

The estimated resale value of an asset at the end of its useful life, often considered in depreciation calculations.

Coin Toss

A random method of deciding between two alternatives by flipping a coin and observing which side lands facing up.

Expected Value

A calculated average of all possible values of a random variable, weighted by their probabilities.