1. Auditors express an opinion as to whether Twitter's financial statements present a fair picture and are free from material misstatement. Yes 2. Auditors express an opinion that there was not fraudulent activity at Twitter. No 3. Auditors' opinion is that there are no misstatements in the related notes to No Twitter's financial statements. ÷ 4. Auditors separately audited Twitter's internal controls over the financial reporting process. No ÷ 5. Auditors examined most of Twitter's financial transactions to ensure they were accurate and not misstated. No ÷ c. What sort of opinion, qualified or unqualified, did PricewaterhouseCoopers provide? d. PricewaterhouseCoopers provides two types of opinions in their report above. Which of the following accurately describes the scope of the two opinions? OFinancial statements and related footnotes. OMaterial and nonmaterial respects. OFinancial statements and internal controls over financial reporting. OFinancial and nonfinancial information. OGenerally Accepted Accounting Principles (GAAP) and Committee of Sponsoring Organizations of the Treadway Commission (COSO). Reading and Interpreting Audit Opinions Twitter Inc. financial statements include the following audit report from Pricewaterhouse Coopers LLP. Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Twitter, Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Twitter, Inc. and its subsidiaries (the "Company") as of December 31, 2018 and 2017, and cash flows for each of the three years in the period ended December 31, 2018, including the related notes and financial statement schedule listed in the index appearing under Item 15.2 (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the COSO. /s/ Pricewaterhouse Coopers LLP San Francisco, California February 20, 2019 We have served as the Company's auditor since 2009. a. To whom is the audit report addressed? OTwitter's senior management team OPricewaterhouse Coopers' board of directors and stockholders OSecurities and Exchange Commission Twitter's board of directors and stockholders OPricewaterhouse Coopers' senior management Learn

Financial Accounting: The Impact on Decision Makers
10th Edition
ISBN:9781305654174
Author:Gary A. Porter, Curtis L. Norton
Publisher:Gary A. Porter, Curtis L. Norton
Chapter1: Accounting As A Form Of Communication
Section: Chapter Questions
Problem 1.7DC
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1. Auditors express an opinion as to whether Twitter's financial statements
present a fair picture and are free from material misstatement.
Yes
2. Auditors express an opinion that there was not fraudulent activity at Twitter. No
3. Auditors' opinion is that there are no misstatements in the related notes to No
Twitter's financial statements.
÷
4. Auditors separately audited Twitter's internal controls over the financial
reporting process.
No
÷
5. Auditors examined most of Twitter's financial transactions to ensure they
were accurate and not misstated.
No
÷
c. What sort of opinion, qualified or unqualified, did PricewaterhouseCoopers provide?
d. PricewaterhouseCoopers provides two types of opinions in their report above. Which of the following accurately describes the scope of the two opinions?
OFinancial statements and related footnotes.
OMaterial and nonmaterial respects.
OFinancial statements and internal controls over financial reporting.
OFinancial and nonfinancial information.
OGenerally Accepted Accounting Principles (GAAP) and Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Transcribed Image Text:1. Auditors express an opinion as to whether Twitter's financial statements present a fair picture and are free from material misstatement. Yes 2. Auditors express an opinion that there was not fraudulent activity at Twitter. No 3. Auditors' opinion is that there are no misstatements in the related notes to No Twitter's financial statements. ÷ 4. Auditors separately audited Twitter's internal controls over the financial reporting process. No ÷ 5. Auditors examined most of Twitter's financial transactions to ensure they were accurate and not misstated. No ÷ c. What sort of opinion, qualified or unqualified, did PricewaterhouseCoopers provide? d. PricewaterhouseCoopers provides two types of opinions in their report above. Which of the following accurately describes the scope of the two opinions? OFinancial statements and related footnotes. OMaterial and nonmaterial respects. OFinancial statements and internal controls over financial reporting. OFinancial and nonfinancial information. OGenerally Accepted Accounting Principles (GAAP) and Committee of Sponsoring Organizations of the Treadway Commission (COSO).
Reading and Interpreting Audit Opinions
Twitter Inc. financial statements include the following audit report from Pricewaterhouse Coopers LLP.
Report of Independent Registered Public Accounting Firm
To the Board of Directors and Stockholders of Twitter, Inc.
Opinions on the Financial Statements and Internal Control over Financial Reporting
We have audited the accompanying consolidated balance sheets of Twitter, Inc. and its subsidiaries (the "Company") as of December 31, 2018 and 2017, and cash flows for each of the three years in the period ended December
31, 2018, including the related notes and financial statement schedule listed in the index appearing under Item 15.2 (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal
control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission
(COSO).
In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash
flows for each of the three years in the period ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material
respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the COSO.
/s/ Pricewaterhouse Coopers LLP
San Francisco, California
February 20, 2019
We have served as the Company's auditor since 2009.
a. To whom is the audit report addressed?
OTwitter's senior management team
OPricewaterhouse Coopers' board of directors and stockholders
OSecurities and Exchange Commission
Twitter's board of directors and stockholders
OPricewaterhouse Coopers' senior management Learn
Transcribed Image Text:Reading and Interpreting Audit Opinions Twitter Inc. financial statements include the following audit report from Pricewaterhouse Coopers LLP. Report of Independent Registered Public Accounting Firm To the Board of Directors and Stockholders of Twitter, Inc. Opinions on the Financial Statements and Internal Control over Financial Reporting We have audited the accompanying consolidated balance sheets of Twitter, Inc. and its subsidiaries (the "Company") as of December 31, 2018 and 2017, and cash flows for each of the three years in the period ended December 31, 2018, including the related notes and financial statement schedule listed in the index appearing under Item 15.2 (collectively referred to as the "consolidated financial statements"). We also have audited the Company's internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the Committee of Sponsoring Organizations of the Treadway Commission (COSO). In our opinion, the consolidated financial statements referred to above present fairly, in all material respects, the financial position of the Company as of December 31, 2018 and 2017, and the results of its operations and its cash flows for each of the three years in the period ended December 31, 2018, in conformity with accounting principles generally accepted in the United States of America. Also in our opinion, the Company maintained, in all material respects, effective internal control over financial reporting as of December 31, 2018, based on criteria established in Internal Control-Integrated Framework (2013) issued by the COSO. /s/ Pricewaterhouse Coopers LLP San Francisco, California February 20, 2019 We have served as the Company's auditor since 2009. a. To whom is the audit report addressed? OTwitter's senior management team OPricewaterhouse Coopers' board of directors and stockholders OSecurities and Exchange Commission Twitter's board of directors and stockholders OPricewaterhouse Coopers' senior management Learn
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