Question

An accountant of an audit client made the following statement: It is important to read the notes to financial statements, even though they are presented in technical language and are incomprehensible. Auditors may reduce their exposure to third-party liability by stating some-thing in the notes that contradicts completely what the client has presented in the balance sheet or income statement.
Evaluate the above statement and indicate:
a. Areas of agreement, if any.
b. Areas of misconception, incompleteness, or fallacious reasoning included in the statement.



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  • CreatedOctober 27, 2014
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