Which of the Following Statements Are True for the Standard

question 17

Multiple Choice

Which of the following statements are True for the standard unmodified opinion audit report of a nonpublic entity?
I. The introductory paragraph states that management is responsible for the preparation and content of the financial statements.
II. The scope paragraph states that the auditor evaluates the appropriateness of accounting policies used and the reasonableness of significant accounting estimates made by management.

• A)I only
• B)II only
• C)I and II
• D)Neither I nor II

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Definitions:

Bill of Exchange

A bill of exchange is a written order used primarily in international trade that binds one party to pay a fixed amount of money to another party at a predetermined date or on demand.

Goldsmith

Traditionally, an artisan who crafts objects out of gold, but the term can also refer to a person or establishment dealing in gold and gold products.

Silversmith

An artisan specializing in the creation and manipulation of silver into functional items, jewelry, or art.