QUESTION
Scenario:
Please watch the following video, and then answer the questions below (Accounting Instruction, Help, & How To, 2019):
What does the end product of an audit report of a company express on the client’s financial statement?
What are the two types of standard audit reports?
What does the standard audit report indicate about the audit’s scope and the financial statement (i.e., whether or not it is presented fairly)?
What may be defined as sufficiently important to influence decisions made by reasonable users of financial statements?
What type of audit report does a client typically want or hope for?
What type of opinion is issued by the auditor if he or she is unable to determine the overall fairness of the financial statements?
What type of opinion is issued by the auditor on the financial statements when there is some limitation on the scope of the audit or when one or more items in the financial statements are not presented in accordance with applicable accounting principles?
What influences the materiality of the company being audited?
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