Types Of Audit Opinion Jeopardy Template

Opinions	Extra paragraphs	Miscellaneous	Global Reporting
100 What is an unqualified opinion? Clean, fair opinion for a public company	100 What is an other matters paragraph? This paragraph is added for nonissuers when an auditor wants to emphasize something that is not included in the financials	100 What is False? Key Audit Matters are mandatory for a private company to include in the audit report. (True or False)	100 What is 2 options? How many different reporting options do companies have if their reports will only be used outside the United States?
200 What is an unmodified opinion? Clean, fair opinion for a private company	200 What is true? The inclusion of an emphasis of matter paragraph in the audit report does not affect the auditor's opinion (True or False)	200 What is Critical Audit Matter section? A matter addressed in the audit that does not change the audit opinion, but involved significant audit judgement and time. How should this be addressed in the report for a public company?	200 What is US form report with an emphasis of matter paragraph? If distribution of the audit report will be within the US as well as internationally, what is the specific report requirement the audit team must use?
300 What is a qualified opinion? Material but not pervasive	300 What is an explanatory paragraph? A public entity had a change in investee which had a material affect on the financial statements. The auditor is trying to determine which extra paragraph is appropriate to include	300 What is withdraw from the client? The partner on the engagement team in the audit of Company A held a significant amount of stock in the company. This was not uncovered until after the engagement had been accepted. What should they do?	300 What International Accounting Standards Board (IASB)? What governing body did the AICPA designate to establish principles for auditing other countries' FS prepared in accordance with their respective framework?
400 What is an adverse opinion? Material and pervasive GAAP problem	400 What is an emphasis of matter paragraph? An auditor's report of a nonissuer refers to the lack of consistency in a significant change in accounting principle with this type of paragraph	400 What is scope limitation? Audit problems including time constraints, inadequate accounting records, and restrictions on use of accounting procedures are examples of what?	400 What is: -the purpose for which the FS are prepared -whether the reporting framework is a fair representation -the intended users of the FS -steps taken by management to determine whether the framework is acceptable In an audit of FS prepared in accordance with the financial reporting framework generally accepted in another country, the auditor should obtain an understanding of:
500 What is a disclaimer of opinion? Material and pervasive GAAS problem	500 False When there is a change in useful life to calculate depreciation expense, the auditor must include this change in consistency in the audit report. (True or False)	500 What is Identify CAM, Principal considerations that led auditors to believe it was a CAM, Description of how it was addressed in the audit, & Reference to disclosure or FS related to the CAM. For each critical audit matter identified, what 4 items must be addressed in the report?	500 What is identify reporting framework, refer to note that describes framework, & indicate that the framework differs from principles accepted in the US? What are the 3 things the emphasis of matter paragraph must include when the audit report will also be distributed in the US?

Types of Audit Opinion

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