Wk $6-$ Apply: Summative Assessment: Case Study $[$due Day $7]$

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Required information

Emphasis$-$of$-$Matter Paragraph

Read the overview below and complete the activities that follow.

When issuing financial statements and their related opinion, the auditor needs to assess the situation to determine the proper type of report to issue. Auditors express an unmodified opinion when they are able to obtain sufficient and appropriate audit evidence that the financial statements as a whole are free of material misstatement. Under certain circumstances, however, auditors may add an emphasis$-$of$-$matter paragraph that refers to a matter appropriately presented.

CONCEPT REVIEW:

The emphasis$-$of$-$matter paragraph follows the opinion paragraph and states that the auditor's opinion is not modified, but that the matter is to be emphasized.

$\backslash$table$[[,,1.,\backslash$table$[[$Auditors may add an emphasis$-$of$-$matter paragraph that refers to a matter that is$],[$presented or disclosed.$]]],[,,2.,\backslash$table$[[$A going concern is to be evaluated for a period not to exceed $\_\_\_$ beyond the date of the$],[$financial statements.$]]],[,,3.,\backslash$table$[[$If substantial doubt about a going concern exists, an $\_\_\_$ paragraph is the most common$],[$resolution$.]]],[,,4.,$An emphasis$-$of$-$matter paragraph always $\_\_\_$ the opinion paragraph.$],[,,5.,\_$ result in an explanatory paragraph.$]]$