Which of the following topics is not addressed in the auditors' report for a public entity?
A) Responsibilities of the auditor and management in the financial reporting process.
B) Absolute assurance regarding the fairness of the entity's financial statements in accordance with GAAP.
C) A description of an audit engagement.
D) A summary of the auditors' opinion on the effectiveness of the entity's internal control over financial reporting.

Question

Quizplus · Accepted Answer

The auditors' report for a public entity does not provide absolute assurance regarding the fairness of the entity's financial statements in accordance with GAAP. While auditors perform various procedures to obtain reasonable assurance that the financial statements are free from material misstatement, they cannot provide absolute assurance. The other topics listed - responsibilities of the auditor and management, description of audit engagement, and summary of auditors' opinion on internal control over financial reporting - are addressed in the auditors' report.

Which of the Following Topics Is Not Addressed in the Auditors