When dealing with materiality and scope limitation conditions, which of the following statements is true?

1. A disclaimer of opinion must be issued.
2. It is easier to evaluate the materiality of potential misstatements resulting from a scope limitation than for failure to follow GAAP.
3. Scope limitations imposed by the client are always considered material.
4. An unqualified opinion may still be issued depending on the materiality of the scope limitation.

Question

15-11-2024
Business

High School

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When dealing with materiality and scope limitation conditions, which of the following statements is true?

1. A disclaimer of opinion must be issued.
2. It is easier to evaluate the materiality of potential misstatements resulting from a scope limitation than for failure to follow GAAP.
3. Scope limitations imposed by the client are always considered material.
4. An unqualified opinion may still be issued depending on the materiality of the scope limitation.

Answer :

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Final answer:

The true statement regarding materiality and scope limitation conditions is that a unqualified opinion may still be issued.

Explanation:

In relation to materiality and scope limitation conditions, the statement that is true is that a unqualified opinion may still be issued depending on the materiality of the scope limitation.

A disclaimer of opinion is not necessary when dealing with materiality and scope limitation conditions. Evaluating the materiality of potential misstatements resulting from a scope limitation may be more challenging compared to assessing the failure to follow GAAP. The materiality of scope limitations imposed by the client is not automatically considered; it depends on the specific circumstances.