What is the major difference between a reissued report and an updated report?
A)An updated report considers information that has come to the auditors' attention since the date of the original report, while a reissued report does not consider this information.
B)An updated report can be presented along with the entity's financial statements, but a reissued report cannot be presented along with the entity's financial statements.
C)An updated report will express a different opinion on the prior years' financial statements that were originally expressed by the auditors, while a reissued report will express the same opinion.
D)An updated report will not express an opinion other than an unqualified opinion, while a reissued report can express an unqualified opinion, qualified opinion, adverse opinion, or disclaimer of opinion.

Question

Quizplus · Accepted Answer

The major difference between a reissued report and an updated report is that an updated report considers information that has come to the auditors' attention since the date of the original report, while a reissued report does not consider this information. A reissued report is issued with no changes to the original report, while an updated report reflects changes based on new information that has come to light.

What Is the Major Difference Between a Reissued Report and an Updated