The opinion paragraph of the auditors' report includes a statement that
A) The financial statements are the responsibility of management.
B) The audit was conducted in accordance with generally accepted auditing standards.
C) The audit provides a reasonable basis for an opinion.
D) The financial statements are presented in conformity with a financial reporting framework such as generally accepted accounting principles.

Question

Quizplus · Accepted Answer

The opinion paragraph of the auditors' report includes a statement that the financial statements are presented in conformity with a financial reporting framework such as generally accepted accounting principles. This statement is necessary to provide assurance to users of the financial statements that the information presented is reliable and trustworthy. While choices A, B, and C are also included in the auditors' report, the statement about conformity with a financial reporting framework is specific to the opinion paragraph.

The Opinion Paragraph of the Auditors' Report Includes a Statement