The introductory paragraph of the standard audit report for a non-profit company performs which functions?
I. States the CPA has performed an audit.
II. Lists the financials being audited.
III. States the financials are the responsibility of the auditor.
A) I and II
B) I and III
C) II and III
D) I, II and III

Question

Quizplus · Accepted Answer

The introductory paragraph of the audit report states that the CPA has performed an audit and lists the financial statements being audited. The responsibility for the financial statements lies with the management, not the auditor.

The Introductory Paragraph of the Standard Audit Report for a Non-Profit