A standard, unqualified auditor's report for a public company contains three sections. Provide a brief (one or two sentences) description for each section.
What will be an ideal response?
The first section, Opinion on the Financial Statements, indicates the name of the company being audited, the financial statements covered by the report, and the auditor's opinion concerning the fairness of financial statements. The second section, Basis for Opinion, communicates to the users, in very general terms, what an audit entails and how the audit was conducted (in accordance with the PCAOB auditing standards). The third section, Critical Audit Matters, identifies matters arising from the audit that involve especially challenging, subjective, or complex auditor judgment, and how the auditor responded to those matters.
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Union contracts are:
A. Legally enforceable for both employees and employers. B. Largely voluntary agreements that neither party is required by law to follow. C. Not allowed by law. D. Legally enforceable for the employees only.
Which of the following is true of the center-of-gravity method used to evaluate a location?
a. It is a qualitative technique. b. It assumes that distribution costs are a linear function of only the distance and the quantity shipped. c. It makes use of satellite and geographic positioning systems. d. It ignores distribution costs.
If the average number of customers served per hour is two, then the probability that the service exceeds 45 min for any customer is ______.
A. 22.3% B. 10.5% C. 36.8% D. 17.4%
Parol evidence refers to:? A) a written memorandum
B) spoken words. C) a writ of certiorari. D)a default.