An Entity Operates in a Highly Regulated Industry with Special

question 20

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 to the departure from Australian Accounting Standards.
• D)An unmodified opinion with an Emphasis of Matter paragraph.

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Definitions:

Database Performance

A measure of how efficiently a database handles data storage and retrieval operations.

Performance Analyzer

A tool or software used to evaluate the efficiency and speed of a system's performance, identifying areas for improvement.

Backup

The process of copying files or data to a secondary location for the purpose of safeguarding against loss or corruption.

Standard Module

A collection of procedures, functions, and declarations that are accessible to other parts of a program or application.