What Is the Major Difference Between a Reissued Report and an Updated

question 149

Multiple Choice

What is the major difference between a reissued report and an updated report?

• A)An updated report considers information that has come to the auditors' attention since the date of the original report, while a reissued report does not consider this information.
• B)An updated report can be presented along with the entity's financial statements, but a reissued report cannot be presented along with the entity's financial statements.
• C)An updated report will express a different opinion on the prior years' financial statements that were originally expressed by the auditors, while a reissued report will express the same opinion.
• D)An updated report will not express an opinion other than an unmodified opinion, while a reissued report can express an unmodified opinion, qualified opinion, adverse opinion, or disclaimer of opinion.

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Definitions:

Accomplishments

Achievements or completed goals that have been successfully reached through effort, skill, or courage.

Labor Unions

Organizations formed by workers from related fields that work together to secure favorable wages, working conditions, and other employment benefits.

Open Shop

When no one is forced to join a union even though the union represents all the workers in contract negotiations.

Collective Bargaining

The method in which employers and employee representatives engage in discussions to reach agreements on setting salaries, work conditions, and various elements of employee benefits and rights.