What Is the Major Difference Between a Reissued Report and an Updated

question 64

Multiple Choice

What is the major difference between a reissued report and an updated report?

• A)An updated report considers information that has come to their attention since the date of the original report,while a reissued report does not consider this information.
• B)An updated report can be presented along with the entity's financial statements,but a reissued report cannot be presented along with the entity's financial statements.
• C)An updated report will express a different opinion on the prior years' financial statements that that originally expressed by the auditors,while a reissued report will express the same opinion.
• D)An updated report will not express an opinion other than an unmodified opinion,while a reissued report can express an unmodified opinion,qualified opinion,adverse opinion,or disclaimer of opinion.

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Definitions:

Unclassified Balance Sheet

A balance sheet where assets, liabilities, and equity are not categorized into subgroups, presenting a simplified overview.