If an auditor includes an emphasis-of-matter paragraph in an audit report for a nonissuer, then the auditor should
A. Indicate that the auditor's opinion is modified with respect to the matter.
B. Notify the appropriate regulatory authority if the auditor's opinion was modified on the basis of the
matter
C. Modify the basis for opinion section to direct the reader to the emphasis-of-matter paragraph.
D. Indicate where disclosures describing the matter occur in the financial statements.

Question

04-05-2024
Business

Answered

If an auditor includes an emphasis-of-matter paragraph in an audit report for a nonissuer, then the auditor should
A. Indicate that the auditor's opinion is modified with respect to the matter.
B. Notify the appropriate regulatory authority if the auditor's opinion was modified on the basis of the
matter
C. Modify the basis for opinion section to direct the reader to the emphasis-of-matter paragraph.
D. Indicate where disclosures describing the matter occur in the financial statements.

Answer :

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GinnyAnswer GinnyAnswer · Answer 1 · 2024-05-04T17:53:33-04:00

If an auditor includes an emphasis-of-matter paragraph in an audit report for a nonissuer, then the auditor should: A. Indicate that the auditor's opinion is modified with respect to the matter. - When an emphasis-of-matter paragraph is included in an audit report for a nonissuer, it signifies that the auditor wants to draw attention to a specific matter in the financial statements that is of importance but does not affect the overall opinion on the financial statements. - By including this paragraph, the auditor is highlighting a particular area that users of the financial statements should pay attention to, but it does not mean that the auditor's opinion is modified due to this matter. In summary, the correct action for the auditor when including an emphasis-of-matter paragraph in an audit report for a nonissuer is to indicate that the auditor's opinion is not modified with respect to the matter.