It is impossible for an auditor to guarantee that a companys financial statements are free of all

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It is impossible for an auditor to “guarantee” that a company’s financial statements are free of all error because the cost to the company to achieve absolute accuracy (even if that were possible) and the cost of the auditor’s verification would be prohibitively expensive. How does the auditors’ opinion recognize this absence of absolute accuracy?

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...
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Accounting What the Numbers Mean

ISBN: 978-0073527062

9th Edition

Authors: David H. Marshall, Wayne W. McManus, Daniel F. Viele,

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