Question: Please provide correct answer and explanation please. Question 20 0/1 pts CPA Firm A has performed most of the audit of Consolidated Company's financial statements
Question 20 0/1 pts CPA Firm A has performed most of the audit of Consolidated Company's financial statements and qualifies as the group auditor. CPA Firm B did the remainder of the work. Fimm A wishes to assume full responsibility for Firm B's work. Which of the following statements is correct? CPA firm A should normally qualify its audit report on the basis of the scope limitation involved when another CPA firm is involved. In such circumstances, when appropriate requirements have been met Firm A should issue an unmodified opinion on the financial statements but should make appropriate reference to Firm B in the audit report. Such assumption of responsibility violates the profession's standards. In such circumstances, when appropriate requirements have been met, Firm A should issue a standard unmodified opinion on the financial statements
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