Ask Question
BusinessBusiness
20 March, 04:06

An audit team cannot satisfy themselves as to the accuracy of ending inventory and a material misstatement may exist. The CPA firm may still give an unmodified (unqualified) opinion on the client's income statement. A. True. B. False.

+3
Answers (1)
  1. 20 March, 06:12
    0
    Answer: False

    Explanation: In simple words, unqualified opinion refers to the judgement of an independent auditor stating that the statements presented by the company are free from any bias or mistake and are prepared in accordance with the generally accepted accounting principles.

    Hence if the auditor is not satisfied about the accuracy then he cannot give unqualified opinion.
Know the Answer?
Not Sure About the Answer?
Get an answer to your question ✅ “An audit team cannot satisfy themselves as to the accuracy of ending inventory and a material misstatement may exist. The CPA firm may ...” in 📙 Business if there is no answer or all answers are wrong, use a search bar and try to find the answer among similar questions.
Search for Other Answers
You Might be Interested in
Risk management in command economies A. is easy because there is no risk. B. is easy because the government controls most activity and can eliminate risk. C. tends to be done poorly because government officials do not understand risk. D.
Answers (1)
Jimmy wants to have $1,000,000 in 20 years bank pays 5% what should his first deposit be
Answers (1)
This allows you to use a car for a specified period of time for a specified monthly payment: -Lease -Loan -Gift -Contract
Answers (1)
Thurman Corporation issued 450,000 shares of $.50 par value capital stock at the date of incorporation for cash at a price of $4 per share. During the first year of operations, the company earned, $100,000, and declared a dividend of $40,000.
Answers (1)
When hired at a new job selling jewelry, you are given two pay options: Option A: Base salary of $17,000 a year, with a commission of 12% of your sales Option B: Base salary of $20,000 a year, with a commission of 5% of your sales How much jewelry
Answers (1)
New Questions in Business
Lisa works for a nonprofit agency seeking funding for a community project. What type of proposal is she likely to write to the local foundation that supports the same cause within the community? A purchase request. A grant request.
Answers (2)
Validity refers to the extent to which the tool measures the relevant aspects of performance
Answers (1)
Property taxes and fines represent which of the following classes of nonexchange transactions for government units? Group of answer choices Government-mandated nonexchange transactions.
Answers (1)
You want to go to Europe 5 years from now, and you can save $3,100 per year, beginning one year from today. You plan to deposit the funds in a mutual fund which you expect to return 8.5% per year.
Answers (1)
Pacific Packaging's ROE last year was only 6%; but its management has developed a new operating plan that calls for a debt-to-capital ratio of 40%, which will result in annual interest charges of $336,000.
Answers (1)
Home » Business » An audit team cannot satisfy themselves as to the accuracy of ending inventory and a material misstatement may exist. The CPA firm may still give an unmodified (unqualified) opinion on the client's income statement. A. True. B. False.
Sign Up Forgot Password?