Question

Which of the following statements are true for the standard unmodified opinion audit report of a...

Which of the following statements are true for the standard unmodified opinion audit report of a nonpublic entity for fiscal years ending on or after June 15, 2019?

I. The management's responsibilities paragraph states that management is responsible for the

preparation and the fair presentation of the financial statements.

II. The opinion paragraph is stated as a statement of absolute fact and a guarantee by the auditor.

Select one:

A. I only

B. II only

C. I and II

D. Neither I nor II

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Answer #1

A statement that the financial statements are the responsibility of the company's management.

A statement that the auditor's responsibility is to express an opinion on the financial statements based on the audit applied audit procedures and audit evidence obtained butnot include the fact and the guarantee by the auditor

Therefore the management responsibility paragraph state the management is responsible for the preparation and presentation of the financial statement for the opinion paragraph does not include the guarantee by the auditor

Answer : Option "A"

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