13. A client decides not to correct misstatements communicated by the auditor that collectively are no material and wants the auditor to issue the report based on the uncorrected numbers. Which of the following statements is correct regarding the financia statement presentation? A. The financial statements are free from materi misstatement, and no disclosure is required in the notes to the financial statements. B. The financial statements are not in accordanc with the applicable financial reporting framework. C. The financial statements contain uncorrected misstatements that should result in a qualified pinion
13. A client decides not to correct misstatements communicated by the auditor that collectively are no material and wants the auditor to issue the report based on the uncorrected numbers. Which of the following statements is correct regarding the financia statement presentation? A. The financial statements are free from materi misstatement, and no disclosure is required in the notes to the financial statements. B. The financial statements are not in accordanc with the applicable financial reporting framework. C. The financial statements contain uncorrected misstatements that should result in a qualified pinion
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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Question
multiple choice
explain reason for correct and incorrect option in detail
Transcribed Image Text:13. A client decides not to correct misstatements
communicated by the auditor that collectively are not
material and wants the auditor to issue the report
based on the uncorrected numbers. Which of the
following statements is correct regarding the financial
statement presentation?
A. The financial statements are free from material
misstatement, and no disclosure is required in
the notes to the financial statements.
B. The financial statements are not in accordance
with the applicable financial reporting
framework.
C. The financial statements contain uncorrected
misstatements that should result in a qualified
opinion.
D. The financial statements are free from material
misstatement, but disclosure of the proposed
adjustments is required in the notes to the
financial statements.
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