When an audited financial report is presented in a document containing other information, the auditor:
A)has an obligation to perform auditing procedures to corroborate the other information.
B)is required to issue a qualified opinion if the other information has a material misstatement of fact.
C)should read the other information to consider whether it is inconsistent with the audited financial report.
D)has no responsibility for the other information because is not part of the basic financial report.

Question

Quizplus · Accepted Answer

According to auditing standards, the auditor should read the other information included in the same document as the audited financial report to consider whether it is consistent with the audited financial report. The auditor has no obligation to perform auditing procedures to corroborate the other information or issue a qualified opinion unless the other information is materially inconsistent with the audited financial report. While the auditor has no responsibility for the other information as it is not part of the basic financial report, they must still consider whether it is consistent with the audited financial report.

When an Audited Financial Report Is Presented in a Document