CIMAPRA19-F01-1 Exam - Topic 6 Question 72 Discussion

Actual exam question for CIMA's CIMAPRA19-F01-1 exam

Question #: 72
Topic #: 6

The external auditors have completed their audit and have discovered a material but not pervasive error in the financial statements of JK.

The directors of JK have refused to change the financial statements.

What type of modified audit report should be issued?

ADisclaimer of opinion

BEmphasis of matter opinion

CAdverse opinion

DQualified opinion

Show Suggested Answer

Suggested Answer: C

by Tonette at Jul 26, 2023, 12:38 AM

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Herminia

5 months ago

I thought a Disclaimer was for when you can't form an opinion at all?

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Paul

5 months ago

Emphasis of matter seems more appropriate here.

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Keith

5 months ago

Wait, are they really refusing to change it? That's bold.

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Gertude

5 months ago

I agree, they can't just ignore the error.

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Carey

6 months ago

Definitely a Qualified opinion!

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Jerlene

6 months ago

I'm a bit confused; could it be an emphasis of matter opinion? I thought that was for highlighting issues rather than outright errors.

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Mirta

6 months ago

I practiced a similar question, and I feel like a qualified opinion is the right choice here since the error is material but not pervasive.

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Carli

6 months ago

I think if the directors refuse to correct the statements, it could be an adverse opinion, but I need to double-check the definitions.

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Chaya

6 months ago

I remember discussing that if the error is material but not pervasive, it might lead to a qualified opinion, but I'm not entirely sure.

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Alberto

6 months ago

This one seems pretty straightforward. I'm pretty confident the objective that is not part of a Retrospect Sprint Meeting is identifying feature improvements.

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Lacey

6 months ago

Hmm, I'm a bit unsure about the "temporary" and "blacklisted" options. I'll need to review my notes on the different types of IPv6 address assignments supported by DHCPv6.

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Marjory

6 months ago

I'm a bit confused on the difference between a permission set and a public group. I'll need to double-check the details on those.

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Rodrigo

7 months ago

Hmm, this looks like a tricky GRUB menu question. I'll need to think carefully about the capabilities and limitations of GRUB.

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Murray

11 months ago

I bet the directors were hoping the auditors would just 'overlook' that little error. Good luck with that, guys! The answer is D) Qualified opinion, no doubt about it.

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Ma

9 months ago

It's important to be transparent in financial reporting.

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Orville

10 months ago

They should definitely issue a Qualified opinion.

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Dannie

10 months ago

The directors are in trouble for not changing the financial statements.

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Christoper

11 months ago

This is easy! The answer is clearly C) Adverse opinion. The directors refused to fix the error, so the auditors have no choice but to issue an adverse opinion.

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Paulene

10 months ago

C) Adverse opinion

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Leota

10 months ago

B) Emphasis of matter opinion

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Billye

11 months ago

A) Adverse opinion

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Tina

11 months ago

I'm going with B) Emphasis of matter opinion. That way, the auditors can highlight the issue without having to go for a full-blown qualified or adverse opinion.

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Buffy

10 months ago

Yeah, it's a good middle ground between a full disclaimer or adverse opinion.

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Erinn

10 months ago

I agree, it allows the auditors to draw attention to the issue without being too harsh.

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Curt

11 months ago

I think B) Emphasis of matter opinion is the best choice in this situation.

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Shala

11 months ago

Hmm, I'm not sure about this one. It's a tricky situation. Maybe C) Adverse opinion would be better since the directors refused to change the statements?

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