Which of the Following Best Describes the Conclusions an Auditor

question 13

Multiple Choice

Which of the following best describes the conclusions an auditor makes in an integrated audit that results in an audit report that is unqualified?

• A) The financial statements are fair according to GAAP.
• B) The financial statements are free of material misstatement based on U.S. GAAP and management's report on internal control over financial reporting states that there are no material weaknesses.
• C) The financial statements and internal control over financial reporting are materially correct.
• D) The financial statements are free of material misstatement based on U.S. GAAP and based on the audit, the auditor agrees with management's report that internal control over financial reporting is effective and does not have any material weaknesses.

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Definitions:

Domestic Quantity

The total amount of a good or service produced within a country's borders and available for consumption or sale in the domestic market.

Supplied

Refers to the amount of a good or service that producers are willing and able to sell at a given price.

U.S. Tariff

Taxes imposed by the United States government on imported goods to protect domestic industries or to generate revenue.

Steel

A hard, strong alloy made primarily of iron and carbon, often used in construction and manufacturing.