4. Arel, CPA, was engaged by a group of royalty recipients to apply agreed-upon procedures to financial data supplied by Modit Co. regarding Modit's written assertion about its compliance with contractual requirements to pay royalties. Arel's report on these agreed-upon procedures should contain a(an). Group of answer choices Disclaimer of opinion about the fair presentation of Modit's financial statements. List of the procedures performed (or reference thereto) and Arel's findings. Opinion about the effectiveness of Modit's internal control activities concerning royalty payments. Acknowledgment that the sufficiency of the procedures is solely Arel's responsibility.
4. Arel, CPA, was engaged by a group of royalty recipients to apply agreed-upon procedures to financial data supplied by Modit Co. regarding Modit's written assertion about its compliance with contractual requirements to pay royalties. Arel's report on these agreed-upon procedures should contain a(an). Group of answer choices Disclaimer of opinion about the fair presentation of Modit's financial statements. List of the procedures performed (or reference thereto) and Arel's findings. Opinion about the effectiveness of Modit's internal control activities concerning royalty payments. Acknowledgment that the sufficiency of the procedures is solely Arel's responsibility.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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4. Arel, CPA, was engaged by a group of royalty recipients to apply agreed-upon procedures to financial data supplied by Modit Co. regarding Modit's written assertion about its compliance with contractual requirements to pay royalties. Arel's report on these agreed-upon procedures should contain a(an).
Group of answer choices
Disclaimer of opinion about the fair presentation of Modit's financial statements.
List of the procedures performed (or reference thereto) and Arel's findings.
Opinion about the effectiveness of Modit's internal control activities concerning royalty payments.
Acknowledgment that the sufficiency of the procedures is solely Arel's responsibility.
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