28. If, after the accumulation of final evidence and during the evaluation of re

Question

28. If, after the accumulation of final evidence and during the evaluation of results, the auditor concludes that sufficient evidence has not been obtained to draw a conclusiorn about fairness of the client's representations, there are two choices: (Hint: Think of sufficiency of evidence) a. (I) obtain additional evidence, or (2) issue a qualified opinion or a disclaimer. b. (I) issue a qualified opinion, or (2) issue a disclaimer. C. (I) issue a disclaimer, or (2) withdraw from the engagement. d. (1) obtain additional information, or (2) issue an adverse opinion.

Explanation / Answer

Answer is a. (1) Obtain additional evidence or (2) issue a qualified opinion or a disclaimer.

Explanation:

When the auditor is not satisfied as to the accuracy of the statement due to unavailability of evidence in the regard, then he needs to perform further audit procedure to get the conclusion regarding the validity of the statement. Otherwise, he needs to give a qualified opinion regarding the same or disclaim the statement due to insufficient records.

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