Audit Opinions Practice Test

A CPA audits the financial statements of a nonissuer manufacturing company under AICPA GAAS. Management refused to record a required write-down of obsolete inventory that the auditor estimates is material but not pervasive to the financial statements. The auditor obtained sufficient appropriate audit evidence and concludes the misstatement is confined to inventory and cost of sales. Based on the auditor's findings, which opinion is most appropriate?

A CPA audits an issuer under PCAOB standards (financial statement audit only). The auditor concludes there is substantial doubt about the entity’s ability to continue as a going concern, and the financial statements include appropriate disclosure. The auditor has obtained sufficient appropriate evidence and no misstatements were identified. Based on the auditor's findings, which opinion is most appropriate?