Comment on the following: “If the financial statements contain an immaterial departure from generally accepted accounting principles, the auditors issue a qualified opinion; if the financial statements contain a material departure from GAAP, the auditors issue an adverse opinion.”
Answer to relevant QuestionsHow does the role of the SEC differ from that of the AICPA? Can the client change a set of financial statements to receive an unmodified opinion instead of an opinion qualified as to the adequacy of disclosure? Explain. What type of report on internal control is likely to be issued when management imposes a scope limitation?Distinguish between forms of attestation engagements that result in reports that are designed for "general use" and those that result in reports that are designed for "restricted use."Identify the knowledge and skills that are necessary to the performance of modern internal auditing.
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