Required For each of the following situations, indicate what type of modification/audit report is most appropriate. (a)

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For each of the following situations, indicate what type of modification/audit report is most appropriate.
(a) There is a scope limitation and it is material. However, the overall financial statements are still presented fairly.
(b) There is a departure from GAAP and it is pervasively material.
(c) The auditor lacks independence in fact, but not necessarily in appearance.
(d) The uncorrected misstatements are immaterial. 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...
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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Auditing A Practical Approach

ISBN: 978-1742165943

1st Canadian Edition

Authors: Robyn Moroney

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