Which of the following is true about the auditor verifying a corporation's financial statements?
A) The auditor must be an independent certified public accountant.
B) The auditor cannot use information about the corporation from third parties.
C) The auditor cannot inspect the corporation's real property unless he is closely associated with the company.
D) The auditor must render a qualified opinion after the audit is complete.

Question

Quizplus · Accepted Answer

The auditor must be an independent certified public accountant in order to provide an unbiased assessment of the corporation's financial statements.

B) is incorrect because the auditor is allowed to use information from third parties if it is relevant to the audit.

C) is incorrect because the auditor has the right to inspect and verify any assets, including real property, that are necessary to complete the audit.

D) is incorrect because the auditor may render an unqualified or qualified opinion based on the results of the audit. A qualified opinion means that there are some limitations or issues with the financial statements that were identified during the audit.

Which of the Following Is True About the Auditor Verifying