An Entity Operates in a Highly Regulated Industry with Special

question 29

Multiple Choice

An entity operates in a highly regulated industry with special, legislated reporting requirements, with which it has complied. However, this has resulted in it not complying with the requirements of some Australian Accounting
Standards. Note 1 to the accounts states that the accounts are prepared in conformity with both the special legislated
Reporting requirements and the Australian Accounting Standards. What type of audit opinion should be issued?

• A) An adverse opinion.
• B) A qualified opinion.
• C) An unmodified opinion with regards the special legislation and a qualified opinion with regards the departure from Australian Accounting Standards.
• D) An unmodified opinion with an Emphasis of Matter paragraph.

---

Definitions:

Double-spaced

Refers to text formatting where there is a full blank line between each line of text, commonly used in document formatting for readability.

Single-spacing

A text formatting option where lines of text are positioned directly one after another, with minimal space in between.

Business Letter

A formal document used for communication between companies or between a company and its clients, suppliers, or other entities.

ENTER Key

The ENTER Key on a keyboard is used to input a command, such as sending a message, submitting a form, or creating a new line in a text document.