Upon Completing the Audit of ABC Company Ltd

question 19

Multiple Choice

Upon completing the audit of ABC Company Ltd. ,the auditor has concluded that the financial statements are fairly presented and there is material uncertainty as to the ability of the company to continue as a going concern.Consequently,what type of audit opinion should be issued?

• A)An adverse audit opinion.
• B)An unqualified opinion report with an emphasis of matter paragraph added.
• C)A qualified opinion due to GAAP departure.
• D)A standard unmodified audit report with the inclusion of the going concern issue as a key audit matter.

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Definitions:

Proposed Expenditure

A planned or suggested outlay of money for a specific purpose, often outlined in budgets or financial plans.

Line Item

A distinct entry in a budget, financial statement, or list, representing a single charge, expenditure, or source of income.

Source of Funds

The origin of the money or capital utilized in transactions, investments, or any financial operation.

Raffle

A means of raising funds or prizes involving participants buying tickets for a chance to win.