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:

Digest

A compilation or summary of legal or literary materials, often used to reference cases or points of law.

Court Cases

Legal disputes presented and decided in a court of law.

Jurisdiction

The official power or legal authority to make decisions and judgments, often defined by geographic area or specific types of cases.

Compilation

The act of collecting information or documents from various sources and assembling them into a single, comprehensive document or collection.