In the opinion paragraph of the standard audit report, the phrase "in our opinion," really means: A) "we certify..." B) "we guarantee..." C) "we are certain..." D) "we are reasonably satisfied..." E) "we promise..."

Question

Quizplus · Accepted Answer

The phrase "in our opinion" in the context of an audit report signifies that the auditors are "reasonably satisfied" with the financial statements based on the audit evidence obtained. It does not imply a guarantee, certification, absolute certainty, or a promise.

In the Opinion Paragraph of the Standard Audit Report, the Phrase