The Standard (Unmodified) Report Issued in the Audit of a Non-Issuer

question 72

Multiple Choice

The standard (unmodified) report issued in the audit of a non-issuer includes a(n)

• A)Responsibilities of Management for the Financial Statements Section providing a general description of an audit conducted in accordance with the applicable auditing standards.
• B)Opinion Section identifying the responsibility of management and auditors in the financial reporting process.
• C)Internal Control Section indicating the effectiveness of the entity's internal control over financial reporting.
• D)Opinion Section providing the auditors' conclusion as to the fair presentation of the financial statements.

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Definitions:

FASB

The Financial Accounting Standards Board, an organization that establishes financial accounting and reporting standards within the United States.

Primary Markets

Markets where securities are created and issued for the first time, allowing companies and governments to raise capital by selling stocks and bonds directly to investors.

Secondary Markets

Secondary Markets are markets where investors trade previously issued securities, such as stocks and bonds, among themselves, rather than purchasing them directly from the issuing company.

FASB Accounting Standards Codification

The single source of authoritative nongovernmental U.S. Generally Accepted Accounting Principles (GAAP) organized by topic.