The statement that the reviewer "is not aware of any material modifications that should be made to the statements in order for them to be in conformity with GAAP" is known as:
A) reasonable assurance.
B) negligent performance.
C) negative assurance.
D) necessary ignorance.
E) positive assurance.

Question

Quizplus · Accepted Answer

This statement is an example of negative assurance, where the reviewer is not asserting that the financial statements are correct in all respects, but rather is stating that nothing has come to their attention that causes them to believe the financial statements are not in conformity with GAAP.

The Statement That the Reviewer "Is Not Aware of Any