When the financial statements of a nonissuer contain a misstatement, the effect of which is material but not pervasive, the auditor should
A. qualify the opinion and include a basis for qualified opinion paragraph that describes the matter resulting in the qualification
B. Qualify the opinion and describe the misstatement within the opinion paragraph.
C. Disclaim an opinion and explain the effect of the misstatement in a disclaimer of opinion paragraph.
D. Disclaim an opinion and describe the misstatement within the opinion paragraph.

Question

kromaug6154 kromaug6154

06-12-2022
Business

contestada

When the financial statements of a nonissuer contain a misstatement, the effect of which is material but not pervasive, the auditor should
A. qualify the opinion and include a basis for qualified opinion paragraph that describes the matter resulting in the qualification
B. Qualify the opinion and describe the misstatement within the opinion paragraph.
C. Disclaim an opinion and explain the effect of the misstatement in a disclaimer of opinion paragraph.
D. Disclaim an opinion and describe the misstatement within the opinion paragraph.

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tutorconsortium275 tutorconsortium275 · Answer 1 · 2022-12-13T08:18:43+01:00

If a non-issuer's financial statements contain misstatements and the effects are material but not pervasive, the auditor may qualify the opinion and add a basis for the qualified opinion paragraph to the limitation.

What are Financial statements?

Financial statements are documents that detail the operations and financial performance of a business. Governmental organizations, accountants, enterprises, etc. frequently audit financial statements to guarantee accuracy and for tax, financing, or investment purposes.

What are the types of misstatement?

There are three types of misrepresentation: Factual. Judgmental. Projected. Material misstatements. Intentional misstatements

What is a non-issuer in accounting?

There are two types of businesses that may require an audit: Exhibitor (issuer): These are public companies that issue securities and file with the SEC. Amendments are required by law. Non-issuer: These are private companies that do not issue securities or file with the SEC.

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