The date of the audit opinion of Upton Industries,Inc.reads: March 7,20Y8 except for Note D,as to which the date is March 12,20Y8.What is this an example of?
A)Improper reporting.
B)A GAAP violation.
C)Dual dating.
D)A contingent event.

Question

Quizplus · Accepted Answer

This is an example of dual dating, where the audit opinion has one date for most of the financial statements and a later date for a particular note or disclosure. This is typically done when there is a subsequent event or information that became available after the initial audit opinion was issued. It is a common and accepted practice in auditing.

The Date of the Audit Opinion of Upton Industries,Inc