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The auditors include an emphasis-of-matter paragraph in a nonpublic company audit report with an unmodified opinion in order to emphasize that the entity being reported upon is a subsidiary of another business enterprise. The inclusion of this paragraph

The auditors include an emphasis-of-matter paragraph in a nonpublic company audit report with an unmodified opinion in order to emphasize that the entity being reported upon is a subsidiary of another business enterprise. The inclusion of this paragraph

FINANCIAL ACCOUNTING
FINANCIAL ACCOUNTING
10th Edition
ISBN:9781259964947
Author:Libby
Publisher:Libby
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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The auditors include an emphasis-of-matter paragraph in a nonpublic company audit report with an unmodified opinion in order to emphasize that the entity being reported upon is a subsidiary of another business enterprise. The inclusion of this paragraph: Multiple Choice Necessitates a revision of the opinion paragraph to include the phrase with the foregoing explanation. Is appropriate and would not negate the unmodified opinion Is a violation of generally accepted reporting standards if this information is disclosed in notes to the financial statements is considered a qualification of the opinion
Transcribed Image Text:The auditors include an emphasis-of-matter paragraph in a nonpublic company audit report with an unmodified opinion in order to emphasize that the entity being reported upon is a subsidiary of another business enterprise. The inclusion of this paragraph: Multiple Choice Necessitates a revision of the opinion paragraph to include the phrase with the foregoing explanation. Is appropriate and would not negate the unmodified opinion Is a violation of generally accepted reporting standards if this information is disclosed in notes to the financial statements is considered a qualification of the opinion
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