The Auditors Conclude That There Is a Material Inconsistency in the "Other

question 24

Multiple Choice

The auditors conclude that there is a material inconsistency in the "other information" in an annual report to shareholders containing audited financial statements.If the auditors conclude that the financial statements do not require revision,but the entity refuses to revise or eliminate the material inconsistency,the auditors may

• A)Issue a qualified opinion on the entity's financial statements,citing a departure from generally accepted accounting principles.
• B)Consider the matter closed since the other information is not included in the audited financial statements.
• C)Issue an adverse opinion on the entity's financial statements due to inadequate disclosure.
• D)Revise the report on the entity's financial statements to include an other-matter paragraph describing the material inconsistency.

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Definitions:

Domenico Ghirlandaio

An Italian Renaissance painter known for his fresco cycles and portraits, contributing to the decorative schemes of various churches in Florence.

Vittore Carpaccio

An Italian painter of the Venetian school, known for his narrative works and precise detail, active during the early Renaissance period.

Triptychs

Artworks consisting of three panels, usually hinged together, that can be displayed open or closed, often used in altarpieces.

Altarpieces

are works of art, such as paintings, sculptures, or reliefs, situated behind or on an altar of a Christian church, serving as a visual focus of religious worship.