Which of the following is not correct with respect to an analyst's use of financial information?

		Analysts need to understand what accounting data do and do not reveal about a company's economic activities and condition.
		Analysts use financial statement information to assess the economic activities of a company and its condition.
		The first step to informed financial statement analysis is a careful examination of the auditor's opinion.
		Analysts must always be vigilant about the possibility that accounting distortions are present and complicate the interpretation of financial ratios, percentage relations, and trend indices.