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If the auditor early in the audit process discovers the internal controls are weak and missing, the audit: a. Will focus completely on the internal controls b. Will take longer to complete c. Will be completed in a shorter period of time d. Will be shorter and focus more on the accounting system e. Will ignore the weak internal controls and proceed with the audit An unqualified audit opinion indicates what: a. Financial statements are free of material errors b. Financial statements fairly present the material aspects of operations, cash flows, and financial c. Financial statements are free of material irregularities d. Auditor was independent during the audit examination e. All of the above Unqualified audit report is addressed to: a. Creditors b. Directors c. Owners d. Employers e. Managers Introductory paragraph of the unqualified audit report contains the following: a. Name of the corporation being audited b. States specific financial statements being audited c. Management is responsible for preparation of the financial statements d. Auditor is responsible for conducting the audit e. All of the above Scope paragraph of the unqualified audit report contains the following: a. Auditor performs the audit according to the PCAOB standards b. Evidence is collected by random sampling c. Audit opinion states financial states contain no material misstatements d Audit was conducted for all four financial statements as a whole e. All of the above

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