In the Opinion Paragraph of the Standard Audit Report, the Phrase

question 6

Multiple Choice

In the opinion paragraph of the standard audit report, the phrase "in our opinion," really means:

• A) "we certify..."
• B) "we guarantee..."
• C) "we are certain..."
• D) "we are reasonably satisfied..."
• E) "we promise..."

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Definitions:

Intangible Assets

Non-physical assets owned by a business, such as patents, trademarks, and copyrights, that have economic value.

Office Equipment

Long-term assets used in an office for the business operations, such as computers, desks, and chairs.

Book Value

Book value is the net value of a company's assets as recorded on its financial statements, minus any liabilities.

Fair Value

An estimated market value of an asset or liability, based on the current market price or valuations under similar circumstances.