Who is responsible for the fair presentation of the financial statements quizlet?

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Who is responsible for the fair presentation of the financial statements?
Which is responsible for preparation and fair presentation of the financial statements including the notes to the financial statements?
Who is responsible for fair preparation and presentation of the accounts which are true and fair view?

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A. Which of the following best describes why an independent auditor is asked to express an opinion on the fair presentation of financial statements?

(1) It is difficult to prepare financial statements that fairly present a company's financial position, operations, and cash flows without the expertise of an independent auditor.

(2) It is management's responsibility to seek available independent aid in the appraisal of the financial information shown in its financial statements.

(3) The opinion of an independent party is needed because a company may not be objective with respect to its own financial statements.

(4) It is a customary courtesy that all stockholders of a company receive an independent report on management's stewardship of the affairs of the business.

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the auditor concludes that the financial statements are presented fairly, in all material respects, in accordance with the applicable financial reporting framework; should be in writing
include: title, addressee, intro, mgmt responsibility, auditor responsibility, opinion, other reporting responsibilities, signature, auditor's address, date of report

Unmodified
Qualified "except for" GAAP: accounting policy, presentation, disclosures, estimates
Qualified "except for" GAAS: insufficient evidence
Adverse (GAAP): accounting policy, presentation, disclosures, estimates
Disclaimer (GAAS): insufficient evidence, significant going concern uncertainty, lack of independence
Withdraw: false, fraudulent, deceptive, misleading

the auditor identifies conditions and events that may be indicative of substantial doubt
F-Financial difficulties (loan defaults, dividend arrearages, denial of trade credit, debt restructuring, disposal of substantial assets, etc.)
I-Internal matters (work stoppages, labor difficulties, significant revision of operations, etc.)
N-Negative trends (recurrent losses, working capital deficiencies, adverse financial ratios, etc.)
E-External matters (legal proceedings, new legislation, loss of principal customer, natural disasters, etc.)

Sets found in the same folder

Who is responsible for the fair presentation of the financial statements?

Management is responsible for the preparation and fair presentation of these financial statements in accordance with the [state basis of accounting].

Which is responsible for preparation and fair presentation of the financial statements including the notes to the financial statements?

Management is responsible for the preparation and fair presentation of the financial statements in accordance with accounting principles generally ac- cepted in the United States of America; this includes the design, implementa- tion, and maintenance of internal control relevant to the preparation and fair presentation ...

Who is responsible for fair preparation and presentation of the accounts which are true and fair view?

The obligations of an auditor when giving an opinion on a company's financial statements are clearly set out in sections 393 (2) and 495 to 497, Companies Act 2006. Those obligations include stating whether, in their opinion, the accounts give a true and fair view (section 495 (3)(a)).