When reporting under GAAS, certain statements are required in all auditors’ reports(“explicit”) and others are required only under certain conditions (“implicit”). Which combination that follows correctly describes the auditors’ responsibilities for reporting?LO 12-1(a) (b) (c) (d)1. GAAP Explicit Explicit Implicit Implicit2. Consistency Implicit Explicit Explicit Implicit3. Going concern Implicit Implicit Explicit Explicit4. Opinion Explicit Explicit Implicit Implicit
When reporting under GAAS, certain statements are required in all auditors’ reports(“explicit”) and others are required only under certain conditions (“implicit”). Which combination that follows correctly describes the auditors’ responsibilities for reporting?LO 12-1(a) (b) (c) (d)1. GAAP Explicit Explicit Implicit Implicit2. Consistency Implicit Explicit Explicit Implicit3. Going concern Implicit Implicit Explicit Explicit4. Opinion Explicit Explicit Implicit Implicit
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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When reporting under GAAS, certain statements are required in all auditors’ reports
(“explicit”) and others are required only under certain conditions (“implicit”). Which combination that follows correctly describes the auditors’ responsibilities for reporting?
LO 12-1
(a) (b) (c) (d)
1. GAAP Explicit Explicit Implicit Implicit
2. Consistency Implicit Explicit Explicit Implicit
3. Going concern Implicit Implicit Explicit Explicit
4. Opinion Explicit Explicit Implicit Implicit
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