Question

Which of the following is a correct statement regarding the standard unmodified opinion audit report? Group of answer choices The auditor's responsibility paragraph includes a statement that the auditors are responsible for selecting the appropriate accounting principles. The format of the audit report for public and nonpublic entities are identical. The audit report includes the name of the lead partner on the audit. The auditor's responsibilities paragraph includes a statement that the auditor considers internal controls when designing the audit procedures performed.

Answer 1

Answer:

The auditor's responsibilities paragraph includes a statement that the auditor considers internal controls when designing the audit procedures performed.

Explanation:

Standard-Unmodified Opinion Audit Report

This form of Standard is simply known as the uniform wording ofte used in audit reports while Unmodified opinion simply means that the auditor's opinion about the financial statements contains no material exceptions or qualifications. Standard Unmodified Opinion Audit Report is virtually needed by private Company.

Auditor's Responsibility

The responsibility of an auditor is to express an opinion on financial statements based on audits made. Audits conducted in accordance with auditing standards is generally accepted in the United States of America. Those standards require that auditor plan and perform the audit to obtain reasonable assurance about whether the financial statements are free of material misstatement.

The conditions for Standard Unmodified Opinion Audit Report includes;

1. All financial statements inclusive

2. Sufficient appropriate evidence accumulated

3. Financial statements are presented fairly in accordance with GAAP or other framework etc.