During a Review of the Financial Statements of a Nonpublic

question 35

Multiple Choice

During a review of the financial statements of a nonpublic entity, an accountant becomes aware of inadequate disclosure that is material to the financial statements. If management refuses to correct the financial statement presentations, the accountant should:

• A)issue an adverse opinion.
• B)issue an "except for" qualified opinion.
• C)disclose this departure from generally accepted accounting principles in a separate paragraph of the report.
• D)express only limited assurance on the financial statement presentations.

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Definitions:

Chief Cell

Specialized cells found in the lining of the stomach and parathyroid glands that produce and secrete digestive enzymes or parathyroid hormone.

Duodenal Cell

A duodenal cell is a type of cell found in the duodenum, the first segment of the small intestine, involved in digestive processes.

Enterocytes

Specialized epithelial cells lining the small intestine, involved in nutrient absorption.