When the auditor cannot obtain sufficient appropriate evidence to determine whether certain client acts are not in compliance with laws and regulations, (s)he would most likely express
A. An unmodified opinion with an emphasis-of-matter paragraph.
B. Either a qualified opinion or an adverse opinion.
C. Either a disclaimer of opinion or a qualified opinion.
D. Either an adverse opinion or a disclaimer of opinion.
Ans: A. An unmodified opinion with an emphasis-of-matter paragraph.
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The insured sets a fire to his home and is found to be guilty of arson. There is a lien on the burned property by a mortgage company in the amount of $150,000. The property is insured for $300,000 and is a total loss. The personal property of the insured, covered separately by a Homeowners policy for $150,000, is also a total loss. How will this claim most likely be paid?
a. The insured is paid a total of $300,000. b. The mortgagee is paid $150,000. c. The insured is paid $150,000 for the personal property loss. d. Since the loss is from an intentional act of the insured the entire loss is denied.
A deed restriction prohibits a subdivision from using a residential property as a business. A buyer interested in purchasing a property in the subdivision tells their broker they intend to use one room of their house as a dog grooming service. Can the buyer do so?
a. Yes, so long as none of the neighbor notice. b. Yes, if the homeowners' association (HOA) grants them explicit permission. c. Yes, so long as they only groom dogs from within the subdivision. d. No, the deed restriction prohibits the use of a residential property to conduct business.