If, During the Completion Phase of the Audit, the Auditor

question 65

True/False

If, during the completion phase of the audit, the auditor determines that he or she has obtained sufficient evidence, but it does not warrant a conclusion that the financial statements are fairly stated, there are two choices: either the statements must be revised to the auditor's satisfaction, or an except for opinion or a disclaimer of opinion must be issued.

---

Definitions:

Good-Will

The intangible asset representing the value of a business's reputation, customer relationships, and overall standing in the community.

Expenses

Costs incurred in the undertaking of a business or the execution of a task.

Gross Returns

Total revenue generated by an investment before any deductions for expenses or taxes.

Non-Profit Charity

An organization dedicated to furthering a particular social cause or advocating for a shared point of view, without profit as its primary motive.