Which of the Following Statements About Forming an Audit Opinion

question 35

Multiple Choice

Which of the following statements about forming an audit opinion is FALSE?

• A)Auditors need to form an opinion on whether the financial statements are presented fairly in all material respects and in accordance with GAAP.
• B)The auditor must make a number of professional judgments as set out in CAS 700.
• C)The auditor must decide whether the audit team has obtained sufficient appropriate audit evidence providing reasonable assurance that the financial statements as a whole are free from material misstatement due to fraud or error.
• D)The auditor must decide if any uncorrected misstatements are material individually but not in aggregate.

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Definitions:

Enovid-E 21

A pharmaceutical preparation previously used for contraception.

Ortho-Novum

A brand of oral contraceptive pills used to prevent pregnancy.

Formalin

An aqueous solution of formaldehyde gas; commonly used as a disinfectant or preservative in medical laboratories.