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Words and Phrases from the Auditor’s Standard Report Are Given

Question 15

Matching

Words and phrases from the auditor’s standard report are given below. Indicate where the item should appear in the report .

Premises:
We have audited
statements of income, retained earnings, and cash flows
in accordance with GAAS
in conformity with GAAP
Our responsibility is to express an opinion
responsibility of the Company’s management
statements are free of material misstatement
results of its operations and its cash flows
in all material respects
examining, on a test basis,
assessing the accounting principles used
evaluating the overall financial statement presentation
financial position of X Company
supporting the amounts and disclosures in the financial statements
a reasonable basis for our opinion
Responses:
I- Introductory.
S- Scope.
O- Opinion.

Correct Answer:

We have audited
statements of income, retained earnings, and cash flows
in accordance with GAAS
in conformity with GAAP
Our responsibility is to express an opinion
responsibility of the Company’s management
statements are free of material misstatement
results of its operations and its cash flows
in all material respects
examining, on a test basis,
assessing the accounting principles used
evaluating the overall financial statement presentation
financial position of X Company
supporting the amounts and disclosures in the financial statements
a reasonable basis for our opinion
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