Which of the following is not explicitly stated in the standard unqualified 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 provides a reasonable basis for their opinion.
D) An audit includes assessing the accounting estimates used.

Question

Quizplus · Accepted Answer

The standard unqualified audit report states that the audit was conducted in accordance with generally accepted auditing standards (GAAS), not generally accepted accounting principles (GAAP).

Which of the Following Is Not Explicitly Stated in the Standard