Auditing: A Risk Based-Approach (MindTap Course List)
11th Edition
ISBN: 9781337619455
Author: Karla M Johnstone, Audrey A. Gramling, Larry E. Rittenberg
Publisher: Cengage Learning
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Question
Chapter 15, Problem 8RQSC
To determine
Concept Introduction:
Unqualified Audit Report:
The unqualified audit report is the opinion expressed by the auditor wherein they state that the financial statements provide a true and fair view, and there are no material misstatements exists.
Material misstatement in financial statements:
Material misstatements in financial statements may mean those errors or frauds which are of a significant amount and affect the true and fair view of the financial statements.
The terms and phrases in an unqualified report which indicate material misstatements.
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Auditing: A Risk Based-Approach (MindTap Course List)
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