Which of the following is not explicitly stated in the standard unmodified opinion audit report?
A) The financial statements are the responsibility of management.
B) The audit was conducted in accordance with generally accepted accounting principles.
C) The auditors believe that the audit evidence provides a reasonable basis for their opinion.
D) An audit includes assessing the accounting estimates used.

Question

Quizplus · Accepted Answer

The standard unmodified opinion audit report explicitly states that the audit was conducted in accordance with generally accepted auditing standards (GAAS), not generally accepted accounting principles (GAAP). GAAP refers to the framework of accounting standards, principles, and procedures used in the preparation and presentation of financial statements, which is the responsibility of the entity's management, not the focus of the auditor's report.

Which of the Following Is Not Explicitly Stated in the Standard