The fourth standard of reporting states that the auditor should express an opinion on the financial statements

Question:

The fourth standard of reporting states that the auditor should express an opinion on the financial statements as a whole.

a. Does this mean that the auditor must express the same opinion on all of the financial statements for a particular year? Explain.

b. Does this mean that the auditor must express an opinion on all of the years presented with the current year for comparative purposes if the same public accounting firm audited all years?

c. Explain how the successor’s audit report on comparative financial statements should be presented if the predecessor auditor:

1. Reissues the report on prior years.

2. Does not reissue the report on prior years.

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the... 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...