Question 1When an auditor issues an adverse opinion, which of the following should be included in the opinion paragraph? The reasons the financial statements are misleading A reference to a separate paragraph that describes the reason for the adverse opinion including a quantification of the impact on the financial statements. A statement that indicates the financial statements are fairly presented except for a reason that is described in the separate paragraph. The financial statement affects of the departure from GAAP.

The Generally Accepted Accounting Principles (GAAP ) are a collection of accounting rules and…

Answered: n, which of the following should be…

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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Question 1

When an auditor issues an adverse opinion, which of the following should be included in the opinion paragraph?

		The reasons the financial statements are misleading
		A reference to a separate paragraph that describes the reason for the adverse opinion including a quantification of the impact on the financial statements.
		A statement that indicates the financial statements are fairly presented except for a reason that is described in the separate paragraph.
		The financial statement affects of the departure from GAAP.

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