Audit & Assurance

Question 1

Audit report with opinions - 3

Answer 1

1. Unqualified opinion
2. Qualified opinion - misstatements are material but not pervasive
3. Adverse opinion - misstatements are material and pervasive

Question 2

Audit report for going concern - 4

Answer 2

1. Unqualified opinion - assumption not appropriate and prepared in liquidation basis.
2. Unqualified opinion with an emphasis of matter - assumption is appropriate but with material uncertainty.
   When assumption is not appropriate and not prepared in liquidation basis:
3. Qualified opinion - misstatements are material but not pervasive
4. Adverse opinion - misstatements are material and pervasive

Question 3

Assertions - Income Statement

Assertion - Balance Sheet

Answer 3

Occurrence - Completeness - Accuracy

Existence - Completeness - Valuation

Question 4

Special reports

Answer 4

1. CAS 805 - Audit of financial information
2. Section 8500 - Review of financial information
3. Section 9100 - Report on result of audit procedures
4. Section 5025 - Audit/Review of non-financial information
5. CASE 3530/3531 - Compliance engagement