Which of the Following Is True Regarding the Auditor's Opinion

question 28

Multiple Choice

Which of the following is True regarding the auditor's opinion on the effectiveness of internal control?

• A)The auditor is attesting to the effectiveness of internal controls as of the end of the fiscal year.
• B)If the client remedies a material weakness before the end of the fiscal year,the auditor must still issue a qualified opinion or a disclaimer of opinion.
• C)A scope limitation requires the auditor to issues an adverse opinion.
• D)Section 404 requires that the auditor design the audit to detect all deficiencies in internal control.

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Definitions:

Parity Ratio

A measure used to compare the price or value of one thing to another, often in agriculture to compare prices of farm products to other goods and services over time.

Parity Price

Parity price is a price level that ensures farmers receive a relative value for their commodities comparable to the purchasing power of a certain base period.

Price Elasticity

The measure of demand fluctuation as a response to changing prices of a good.

Agricultural Products

Products stemming from the practice of agriculture, such as crops and animal products, which can be used for food, fuel, and raw materials.