Place the letter of the report type that best fits the languagepresented on the answer line. Each report type may be used morethan once or not at all, but each item has only one best answer. Ifyou think more than one answer may apply, choose the BESTanswer.
a. Explanatory language
b. Unqualified opinion with qualification forGAAP departure
c. Qualified opinion
d. Qualified opinion because of a scopelimitation
e. Qualified opinion because of an ICFRdeficiency
f. Qualified opinion because of a GAAPdeparture
g. Qualified opinion because of a change inaccounting standards
h. Qualified opinion because of lack ofindependence
i. Qualified opinion plus explanatorylanguage
j. Qualified opinion for dual dating
k. Qualified opinion to reflect need to rely onanother auditor
l. Disclaimer of opinion because of a scopelimitation
m. Disclaimer of opinion because of lack ofindependence
n. Adverse opinion
o. Combined report with unqualified opinions onfinancial statements and ICFR
_____1. In our opinion, the Company did notmaintain, in all material respects, effective internal control overfinancial reporting as of March 31, 2010, based on criteriaestablished in Internal ControlâIntegrated Framework issued by theCommittee of Sponsoring Organizations of the Treadway Commission(COSO)â¦
_____2. In addition, as discussed in Note 9 tothe consolidated financial statements, effective January 1, 2007,the Company adopted Accounting for Uncertainty in IncomeTaxes, FASB ASC 740-10.
_____3. We are not independent with respect toXYZ Company, and the accompanying balance sheet as of December 31,19X1, and the related statements of income, retained earnings, andcash flows for the year then ended. â¦
_____4. â¦because of the effects of the mattersdiscussed in the preceding paragraphs, the financial statementsreferred to above do not present fairly. â¦
_____5. We have also audited in accordance withthe standards of the Public Company Accounting Oversight Board(United States) the companyâs internal control over financialreporting as of December 31, 2010, based on criteria established inInternal Control-Integrated Framework issued by the Committee ofSponsoring Organizations of the Treadway Commission and our reportdated August 6, 2011 expressed an unqualified opinion thereon.
_____6. ⦠except for the effects of suchadjustments, if any, as might have been determined to benecessaryâ¦
_____7. The accompanying financial statementshave been prepared assuming that ABC, Inc. will continue as a goingconcern. As more fully described in Note 1, the Company filed avoluntary petition for reorganization under Chapter 11 of theUnited States Bankruptcy Code on January 29, 2010, which raisessubstantial doubt about the Companyâs ability to continue as agoing concern. Managementâs plans in regard to this matter are alsodescribed in Note 1.
_____8. The Company did not make a count of itsphysical inventoryâ¦The Companyâs records do not permit theapplication of other auditing procedures. â¦the scope of our workwas not sufficient to enable us to express. â¦
_____9. In our opinion, except for the omissionof the information discussed in the preceding paragraphâ¦.
_____10. In our opinion, based on our auditsand the report of other auditors, the financial statements referredto above present fairly, in all material respectsâ¦
_____11. In our opinion, the financialstatements referred to above present fairly, in all materialrespects, the financial position of W Company as of December 31,2010 and 2009â¦. Also in our opinion, W Company maintained, in allmaterial respects, effective internal control over financialreporting as of December 31, 2010. â¦
_____12. We did not audit the financialstatements of B Company, a wholly-owned subsidiary, whichstatements reflect total assets and revenues constituting 20percent and 22 percent, respectively of the related consolidatedtotals. ⦠In our opinion, based on our audit and the report of theother auditors, the consolidated financial statements referred toabove present fairly. â¦
_____13. In our opinionâ¦the financialstatements present fairly⦠Dated February 16, 2010, except for Note16, as to which the date is March 1, 2010.
_____14. Except as discussed in the followingparagraph, we conducted our audits in accordance with auditingstandardsâ¦. In our opinion, except for the effectsâ¦the financialstatements present fairly. â¦
_____15. As discussed in Note X to thefinancial statements, the 20X2 financial statements have beenrestated to correct a misstatement.
Place the letter of the report type that best fits the languagepresented on the answer line. Each report type may be used morethan once or not at all, but each item has only one best answer. Ifyou think more than one answer may apply, choose the BESTanswer.
a. Explanatory language
b. Unqualified opinion with qualification forGAAP departure
c. Qualified opinion
d. Qualified opinion because of a scopelimitation
e. Qualified opinion because of an ICFRdeficiency
f. Qualified opinion because of a GAAPdeparture
g. Qualified opinion because of a change inaccounting standards
h. Qualified opinion because of lack ofindependence
i. Qualified opinion plus explanatorylanguage
j. Qualified opinion for dual dating
k. Qualified opinion to reflect need to rely onanother auditor
l. Disclaimer of opinion because of a scopelimitation
m. Disclaimer of opinion because of lack ofindependence
n. Adverse opinion
o. Combined report with unqualified opinions onfinancial statements and ICFR
_____1. In our opinion, the Company did notmaintain, in all material respects, effective internal control overfinancial reporting as of March 31, 2010, based on criteriaestablished in Internal ControlâIntegrated Framework issued by theCommittee of Sponsoring Organizations of the Treadway Commission(COSO)â¦
_____2. In addition, as discussed in Note 9 tothe consolidated financial statements, effective January 1, 2007,the Company adopted Accounting for Uncertainty in IncomeTaxes, FASB ASC 740-10.
_____3. We are not independent with respect toXYZ Company, and the accompanying balance sheet as of December 31,19X1, and the related statements of income, retained earnings, andcash flows for the year then ended. â¦
_____4. â¦because of the effects of the mattersdiscussed in the preceding paragraphs, the financial statementsreferred to above do not present fairly. â¦
_____5. We have also audited in accordance withthe standards of the Public Company Accounting Oversight Board(United States) the companyâs internal control over financialreporting as of December 31, 2010, based on criteria established inInternal Control-Integrated Framework issued by the Committee ofSponsoring Organizations of the Treadway Commission and our reportdated August 6, 2011 expressed an unqualified opinion thereon.
_____6. ⦠except for the effects of suchadjustments, if any, as might have been determined to benecessaryâ¦
_____7. The accompanying financial statementshave been prepared assuming that ABC, Inc. will continue as a goingconcern. As more fully described in Note 1, the Company filed avoluntary petition for reorganization under Chapter 11 of theUnited States Bankruptcy Code on January 29, 2010, which raisessubstantial doubt about the Companyâs ability to continue as agoing concern. Managementâs plans in regard to this matter are alsodescribed in Note 1.
_____8. The Company did not make a count of itsphysical inventoryâ¦The Companyâs records do not permit theapplication of other auditing procedures. â¦the scope of our workwas not sufficient to enable us to express. â¦
_____9. In our opinion, except for the omissionof the information discussed in the preceding paragraphâ¦.
_____10. In our opinion, based on our auditsand the report of other auditors, the financial statements referredto above present fairly, in all material respectsâ¦
_____11. In our opinion, the financialstatements referred to above present fairly, in all materialrespects, the financial position of W Company as of December 31,2010 and 2009â¦. Also in our opinion, W Company maintained, in allmaterial respects, effective internal control over financialreporting as of December 31, 2010. â¦
_____12. We did not audit the financialstatements of B Company, a wholly-owned subsidiary, whichstatements reflect total assets and revenues constituting 20percent and 22 percent, respectively of the related consolidatedtotals. ⦠In our opinion, based on our audit and the report of theother auditors, the consolidated financial statements referred toabove present fairly. â¦
_____13. In our opinionâ¦the financialstatements present fairly⦠Dated February 16, 2010, except for Note16, as to which the date is March 1, 2010.
_____14. Except as discussed in the followingparagraph, we conducted our audits in accordance with auditingstandardsâ¦. In our opinion, except for the effectsâ¦the financialstatements present fairly. â¦
_____15. As discussed in Note X to thefinancial statements, the 20X2 financial statements have beenrestated to correct a misstatement.
