Opinions on the effectiveness of the internal control system and the fairness of the amounts reported in the financial statements are known as:
A) Management Discussion and Analysis.
B) Assurance Opinions.
C) Notes to the Financial Statements
D) Management Assessments.

Question

Quizplus · Accepted Answer

Opinions on the effectiveness of the internal control system and the fairness of the amounts reported in the financial statements are known as assurance opinions. This is typically provided by an external auditor who reviews the company's financial statements and internal control system. Management discussion and analysis (A) refers to a section within the annual report where management discusses the financial performance of the company. Notes to the financial statements (C) provide additional information about the financial statements, such as accounting policies and other disclosures. Management assessments (D) refer to a company's own evaluation of its internal control system and financial reporting processes.

Opinions on the Effectiveness of the Internal Control System and the Fairness