The Most Common Type of Audit Report Contains

question 15

Multiple Choice

The most common type of audit report contains

• A) an adverse opinion.
• B) a disclaimer of opinion.
• C) a qualified opinion.
• D) an unqualified opinion.

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Definitions:

FASB

Stands for the Financial Accounting Standards Board, which is responsible for establishing and improving financial accounting and reporting standards in the United States.

GAAP

Generally Accepted Accounting Principles, a standard framework of guidelines for financial accounting.

SEC

The U.S. Securities and Exchange Commission, a federal agency responsible for enforcing federal securities laws and regulating the securities industry.

CPA

Certified Public Accountant, a professional designation given to accountants who pass a licensing examination and meet other state requirements.