When Interim Financial Information Is Presented in a Footnote to Annual

question 8

Multiple Choice

When interim financial information is presented in a footnote to annual financial statements,the standard audit report on the annual financial statements should

• A) Not mention the interim information unless there is an exception that the auditors need to include in the report.
• B) Contain an audit opinion paragraph that specifically mentions the interim financial information if it is not in conformity with the GAAP.
• C) Contain an extra paragraph that gives negative assurance on the interim information if it has been reviewed.
• D) Contain an extra explanatory paragraph if the interim information note is labeled "Unaudited."

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Definitions:

Exceptions

Events that disrupt the normal flow of program execution, often indicating errors or special conditions that need handling.

GetMessage

A method in Java and other programming languages used to obtain a detailed message string from an exception object.

Exception Handling

Exception handling is a programming construct or mechanism for responding to and managing runtime errors or abnormal conditions in a controlled manner.

Catch Block

A section of code designed to handle an exception or error that occurs during the execution of a program, part of a try-catch statement in many programming languages.