Typically, When a Going Concern Issue Exists the Auditor Should

question 38

Multiple Choice

Typically, when a going concern issue exists the auditor should:

• A) Issue an unmodified opinion with an emphasis-of-matter paragraph
• B) Issue a modified opinion and explain the reasons for the going concern issue
• C) Issue a disclaimer of opinion
• D) Withdraw from the engagement

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Definitions:

Self-actualization

The realization or fulfillment of one's talents and potentialities, considered as a drive or need present in everyone.

Tragic Accident

An unexpected and distressing event causing significant harm or loss, often evoking a strong emotional response.

Psychosexual Stage

A concept in Freudian psychology that describes the series of phases of sexual development from infancy to adulthood, each characterized by erogenous zone focus.

Suspicious

The inclination to believe that something may be wrong or that someone may be harmful without certain evidence.