Disclaimers of Opinion Can Only Be Issued by Auditors Based

question 75

Multiple Choice

Disclaimers of opinion can only be issued by auditors based on which of the following?

• A)Violations of GAAP.
• B)Substantial scope limitations.
• C)Going concern.
• D)Lack of independence.
• E)Either B or D.

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Definitions:

Payback Period

The length of time it takes to recover the cost of an investment.

PI

A mathematical constant represented by the symbol π, approximated as 3.14159, or the ratio of a circle's circumference to its diameter in mathematics. Alternatively, if referring to "present indifference" or a concept specific to an industry or study, clarification is needed.

Positive NPV

An indicator that an investment's present value of net cash flows will exceed its initial cost, suggesting profitability.

Stand-Alone Basis

Refers to evaluating a project or business independently, considering its cash flows, risks, and returns without regard for other investments or projects.