Question

which one of the following is a potential problem with management's comunication of financial information that causes third parties to desire the independent auditor's assessment of the financial statement presentation

Answer 1

Complexity of transactions affecting the financial statements and

Remoteness of the user from the organization

What is financial statement?

The business operations and financial performance of an organization are described in financial statements, which are written records. To ensure accuracy and for tax, financing, or investing purposes, financial statements are frequently audited by government entities, accountants, corporations, etc.

The balance sheet, income statement, cash flow statement, and statement of changes in equity are the four basic financial statements for for-profit entities. Financial statements are used by nonprofit organizations, although they are similar.

Financial statistics are used by investors and financial analysts to assess a company's performance and forecast the course of its stock price in the future. The annual report, which includes the company's financial statements, is one of the most crucial sources of accurate and audited financial data.

Learn more about financial statements

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