S1: The phrase “PFRS or PFRS for SMEs” can be found in the opinion paragraph of a standard unqualified report. S2: Emphasis of Matter paragraph and Other Matter paragraphs result to modifications of auditor’s report and, therefore, the auditor’s opinion. a. Only S1 is true. b. Only S2 is true. c. Both S1 and S2 are true. d. Both S1 and S2 are false.
S1: The phrase “PFRS or PFRS for SMEs” can be found in the opinion paragraph of a standard unqualified report. S2: Emphasis of Matter paragraph and Other Matter paragraphs result to modifications of auditor’s report and, therefore, the auditor’s opinion. a. Only S1 is true. b. Only S2 is true. c. Both S1 and S2 are true. d. Both S1 and S2 are false.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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S1: The phrase “PFRS or PFRS for SMEs” can be found in the opinion paragraph of a standard unqualified report. S2: Emphasis of Matter paragraph and Other Matter paragraphs result to modifications of auditor’s report and, therefore, the auditor’s opinion.
a. Only S1 is true.
b. Only S2 is true.
c. Both S1 and S2 are true.
d. Both S1 and S2 are false.
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