Question
In an audit report on the effectiveness of ICFR for a public company, what does the Opinion on Internal Control over Financial Reporting paragraph explain?
In an audit report on the effectiveness of ICFR for a public company, what does the Opinion on Internal Control over Financial Reporting paragraph explain?\ The auditors conducted their audit in accordance with the standards of the PCAOB.\ An internal control system does not eliminate all risk associated with the preparation of financial statements.\ Circumstances may change in the future and render controls ineffective if the controls are not modified appropriately.\ A material misstatement of the financial statements will not be prevented or detected on a timely basis.
In an audit report on the effectiveness of ICFR for a public company, what does the Opinion on Internal Control over Financial Reporting paragraph explain? O The auditors conducted their audit in accordance with the standards of the PCAOB. An internal control system does not eliminate all risk associated with the preparation of financial statements. Circumstances may change in the future and render controls ineffective if the controls are not modified appropriately. OA material misstatement of the financial statements will not be prevented or detected on a timely basis.
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Auditing and Assurance Services A Systematic Approach
Authors: William Messier, Steven Glover, Douglas Prawitt
9th edition
1308361491, 77862333, 978-1259248290, 9780077862336, 1259162346, 978-1259162343
