Which of the following statements are true for the standard unmodified opinion audit report of a nonpublic entity for fiscal years ending on or after June 15, 2019?
I. The management's responsibilities paragraph states that management is responsible for the preparation and the fair presentation of the financial statements.
II. The opinion paragraph is stated as a statement of absolute fact and a guarantee by the auditor.
A) I only
B) II only
C) I and II
D) Neither I nor II

Question

Quizplus · Accepted Answer

I is true - The management's responsibilities paragraph clearly states that management is responsible for the preparation and the fair presentation of the financial statements.
II is false - The opinion paragraph is not stated as a statement of absolute fact and a guarantee by the auditor; rather it expresses the auditor's opinion based on the audit evidence obtained.

Which of the Following Statements Are True for the Standard