If the Predecessor Auditors Do Not Reissue Their Audit Report

question 71

Multiple Choice

If the predecessor auditors do not reissue their audit report on comparative financial statements,the successor auditors should:

• A)Express a qualified opinion on the comparative financial statements audited by the predecessor auditors.
• B)Reproduce the predecessor auditors' report and include it with the new set of financial statements.
• C)Have the client omit the comparative financial statements.
• D)Refer to the report of the predecessor auditors.

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Definitions:

Months

Units of time used in accounting and financial contexts to represent periods or durations, often for reporting, planning, or measurement purposes.

Promissory Note

A financial instrument that contains a written promise by one party to pay another party a definite sum of money either on demand or at a specified future date.

Maturity Date

The date on which a financial obligation must be repaid in full.

Promissory Note

A financial document in which one party promises to pay another party a definite sum of money at a future date or on demand.