Your Client Has Followed Approved Accounting Standards but a Note

question 29

Multiple Choice

Your client has followed approved accounting standards but a note to the financial report indicates the early application of an accounting standard that has a pervasive effect on the financial report in advance of its effective date.The note details the reasons for this view.You, as the auditor, concur that this additional note disclosure is necessary to give a true and fair value.What type of opinion should you issue?

• A)An unmodified opinion with an Emphasis of Matter.
• B)A disclaimer of opinion.
• C)An unmodified opinion.
• D)A qualified opinion or adverse opinion.

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Definitions:

Manufacture of Consent

A concept suggesting that the media and powerful elite shape public opinion and consent through the manipulation of news, information, and cultural products.

Limited Effects

A theory suggesting that media has a minimal or limited influence on individuals, as their real-world social interactions and personal factors play a more significant role in shaping attitudes and behaviors.

Social and Psychological Factors

Elements that influence the behavior, attitudes, and emotions of individuals, stemming from their society and psychological makeup.

Public Mind

The collective beliefs, opinions, and perceptions held by the general population at a given time.