Question

A note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express:_________.

Answer 1

Answer: a standard unmodified opinion

Explanation: Based on the above scenario the author's report is expected to express "a standard unmodified opinion ".

Financial statement is a record of the financial activities or position of a business. It is an official or a formal record.

A standard unmodified opinion is an opinion that is accepted by most people and unaltered.

Answer 2

Answer:

A standard unmodified opinion.

Explanation:

When a note to the financial statements of the First Security Bank indicates that the company self insures itself for the first $500,000 of liability to employees, with liability insurance for the remainder. Based upon this, one would expect the auditors' report to express a standard unmodified opinion.

A standard unmodified opinion is an opinion where financial statements are presented free of any misinterpretation, in all material respects, in accordance with standards known as Generally Accepted Accounting Principles (GAAP) to provide a high level of assurance.

The standard unmodified opinion comprises of report title, audit report address, introduction paragraph, managements responsibility, auditor's responsibility, opinion paragraph, audit report date and signature and address of certified public accountant firm.