A Basis for a Modification Paragraph in the Audit of the Financial

question 54

Multiple Choice

A basis for a modification paragraph in the audit of the financial statements of a nonpublic company:

• A) Is only included with qualified, adverse, or disclaimers of opinion.
• B) Is presented after the opinion paragraph.
• C) Has a section title: Emphasis-of-Matter.
• D) Must be included in all nonpublic company audit reports.

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Definitions:

Lower-Income

Referring to individuals or families that earn less revenue than the average in their society, often qualifying for certain types of government assistance.

O'Keeffe

An American artist, Georgia O'Keeffe, renowned for her large-format paintings of natural forms, especially flowers and landscapes.

New York, Night

A phrase evoking the vibrant nightlife and illuminated cityscape of New York City during the nighttime.

Imposing Mass

A structure or object that is large and impressive in appearance or size.