If a Public Company Issues Financial Statements That Purport to Present

question 22

Multiple Choice

If a public company issues financial statements that purport to present its financial position and results of operations but omits the statement of cash flows, the auditor ordinarily will express a(n) :

• A)disclaimer of opinion.
• B)qualified opinion.
• C)review report.
• D)unqualified opinion with a separate explanatory paragraph.

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Definitions:

Organizational Culture

The shared beliefs, values, and assumptions that exist in an organization.

Innovative

Pertains to the ability or process of creating new ideas, products, or methods that bring novel solutions to problems or improvements to existing conditions.

Entrepreneurial

Characteristics or actions related to the creation, development, and management of a business venture to achieve profit or social goals.

Organizational Change

The process by which organizations transform their structure, strategies, policies, processes, or culture to adapt to internal and external pressures.