Give one example each of when an auditor might render an unmodified opinion and include an emphasis-of-matter paragraph and other-matter paragraph. What is the value of such paragraphs in the audit report?
Answer to relevant QuestionsThe following statement expresses the conclusion of XYZ auditors with respect to the company’s investment in ABC. Assume that all amounts are material. What kind of audit opinion should be rendered given this statement? ...How do materiality judgments affect risk assessment in an audit of financial statements?In Europe, the audit reports use the expression “true and fair view” to characterize the results of the audit. Do you think there is a meaningful difference between that language and the “present fairly” statement ...Assume that Francey Gordon goes to Karen Gross and Frank Johnson to discuss the matter. Gordon tells Gross and Johnson that just because the freight forwarder indicates the merchandise is picked up on December 31, that ...Distinguish between the legal concepts of actually foreseen third-party users and reasonably foreseeable third-party users. How does each concept establish a basis for an auditor’s legal liability to third parties?
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