The Most Common Type of Audit Report Is the 'Standard

question 61

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

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Definitions:

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A positive mindset that typically leads to optimistic interpretations of situations and events.

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