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. It is important to read the footnotes to financial statements, even though they often are presented in technical language and are incomprehensible. The auditor
It is important to read the footnotes to financial statements, even though they often are presented in technical language and are incomprehensible. The auditor may reduce his exposure to thirdparty liability by stating something in the footnotes that contradicts completely what he has presented in the balance sheet or income statement.
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Evaluate the above statement and indicate:
aAreas of agreement with the statement, if any.
bAreas of misconception, incompleteness, or fallacious reasoning included in the statements, if any.
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