What level of assurance does the reader of a private company financial statement receive on the company's system of internal controls?
A) positive assurance
B) reasonable assurance
C) negative assurance
D) no assurance
E) limited assurance

Question

Quizplus · Accepted Answer

The reader of a private company financial statement typically receives no assurance on the company's system of internal controls from the financial statement itself. Assurance on internal controls is usually provided through separate, specific engagements, such as an audit of internal controls over financial reporting, which is not a standard part of private company financial statement audits.

What Level of Assurance Does the Reader of a Private