Does a qualified opinion on management's assessment of internal controls over the financial reporting system necessitate a qualified opinion on the financial statements? Explain
No. Auditors are permitted to simultaneously render a qualified opinion on management's assessment of internal controls and an unqualified opinion on the financial statements. In other words, it is technically possible for auditors to find internal controls over financial reporting to be weak, but conclude through substantive tests that the weaknesses did not cause the financial statements to be materially misrepresented.
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Dividends are deductions from stockholders' claims on retained earnings and are shown on the statement of retained earnings
Indicate whether the statement is true or false
With reference to #21 above, the grantor: A) Holds a reversion
B) Holds nothing. C) Holds a possibility of reverter. D) None of the above
Which of the following approaches to preparing an income statement includes a calculation of the gross margin? TraditionalApproachContributionApproachA)YesYesB)YesNoC)NoYesD)NoNo
A. Choice A B. Choice B C. Choice C D. Choice D
Partial outsourcing is also called _____
Fill in the blank(s) with correct word