If the audit report states that the financial statement is not free from material misstatements , it becomes a serious matter because: it provides assurance that the audit has been carried out by a qualified auditor. it damages the credibility of the financial statements. a remark in an audit report implies that the double entry supporting the financial statements must be correct. An opinion that shows auditors concern enhances the credibility of the financial statements.
If the audit report states that the financial statement is not free from material misstatements , it becomes a serious matter because: it provides assurance that the audit has been carried out by a qualified auditor. it damages the credibility of the financial statements. a remark in an audit report implies that the double entry supporting the financial statements must be correct. An opinion that shows auditors concern enhances the credibility of the financial statements.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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If the audit report states that the financial statement is not free from material misstatements , it becomes a serious matter because:
it provides assurance that the audit has been carried out by a qualified auditor.
it damages the credibility of the financial statements.
a remark in an audit report implies that the double entry supporting the financial statements must be correct.
An opinion that shows auditors concern enhances the credibility of the financial statements.
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