Question 25Which of the following is not included in the standard unmodified report on financial statements. An identification of the financial statements that were audited. A general description of the audit. An opinion that the financial statements present fairly the financial position of the company in accordance with GAAP. An emphasis-matter-paragraph commenting on the effect of economic conditions on the entity.

The goal of an auditor's report on financial statements is to express an opinion on whether the…

Answered: estion 25 Which of the following is not…

Auditing: A Risk Based-Approach to Conducting a Quality Audit

10th Edition

ISBN:9781305080577

Author:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Publisher:Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg

Chapter1: Auditing: Integral To The Economy

Section: Chapter Questions

Problem 16MCQ

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Question 25

Which of the following is not included in the standard unmodified report on financial statements.

		An identification of the financial statements that were audited.
		A general description of the audit.
		An opinion that the financial statements present fairly the financial position of the company in accordance with GAAP.
		An emphasis-matter-paragraph commenting on the effect of economic conditions on the entity.

Definition Definition Financial statement that provides a snapshot of an organization's financial position at a specific point in time. It summarizes a company's assets, liabilities, and shareholder's equity, detailing what the company owns, what it owes, and what is left over for its owners. The balance sheet serves as a crucial tool to assess the financial health and stability of a company, as well as to help management make informed decisions about its future investments and financial obligations.

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