The audit opinion of a public company is similar to an opinion for a private company except for the public company comments will be added as to the effectiveness of internal control over financial reporting.

Question

Quizplus · Accepted Answer

This is a true statement. The audit opinion for a public company includes comments on the effectiveness of internal control over financial reporting, while the audit opinion for a private company does not necessarily cover this topic.

The Audit Opinion of a Public Company Is Similar to an Opinion