[LL Cool Jim]

Wiley Question –

Which of the following types of audit opinion(s) are appropriate when circumstances result in a scope limitation in relation to an audit of a public company’s internal control?

Qualified or Adverse

This is a yes/no question

This answer is either a qualified opinion or a disclaimer of opinion is appropriate—not an adverse opinion.

My question is. Shouldn’t this be a no/no answer? Scope limitation should be disclaimed or w/draw. Is it because it’s asking for opinion on Internal Control and NOT financials? Please help!! Thanks.

FAR Done
REG Done
BEC Done

[Anonymous]

I think the key is that this isn't saying “What are all the possibilities?” but rather “Of these two, which one could be acceptable?”. Does that make sense?

[Anonymous]

I think the key is that this isn't saying “What are all the possibilities?” but rather “Of these two, which one could be acceptable?”. Does that make sense?

[seattleacct]

I think it matters as to the pervasiveness of the effect of the scope limitation on the F/S as a whole. If it doesn't materially affect the whole F/S, then the scope limitation can produce an “except for” Qualified Opinion.

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[seattleacct]

I think it matters as to the pervasiveness of the effect of the scope limitation on the F/S as a whole. If it doesn't materially affect the whole F/S, then the scope limitation can produce an “except for” Qualified Opinion.

B:76
A:64, 73, 91!
R:77
F:76

CPAexcel, Wiley Test Bank, Ninja Audio & Notes

[Author]

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