When interim financial information is presented in a footnote to annual financial statements,the standard audit report on the annual financial statements shoulda. Not mention the interim information unless there is an exception that the auditors need toinclude in the report.b. Contain an audit opinion paragraph that specifically mentions the interim financial information if it is not in conformity with GAAP.c. Contain an explanatory paragraph that gives negative assurance on the interim information if it has been reviewed.d. Contain an explanatory paragraph if the interim information note is labeled “Unaudited.”
When interim financial information is presented in a footnote to annual financial statements,
the standard audit report on the annual financial statements should
a. Not mention the interim information unless there is an exception that the auditors need to
include in the report.
b. Contain an audit opinion paragraph that specifically mentions the interim financial information if it is not in conformity with GAAP.
c. Contain an explanatory paragraph that gives negative assurance on the interim information if it has been reviewed.
d. Contain an explanatory paragraph if the interim information note is labeled “Unaudited.”
Interim Financial Information: Interim financial information is financial statements and other reports prepared by the company for a period that is lesser than the whole year.
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