This preview shows pages 1–2. Sign up to view the full content.
This preview has intentionally blurred sections. Sign up to view the full version.View Full Document
Unformatted text preview: an opinion on them. Chapter 15 - P5: Audit Reports b. The auditor has no reason to believe that the financial statements are prepared differently from GAAP but wants to call attention to managements continuing relationship with a company whose management substantially overlaps with the clients. b. An unqualified report with the following emphasis of a matter explanatory paragraph added to the audit report: As indicated in the footnotes to the financial statements, THE CLIENT has a relationship with THE OTHER FIRM that would be characterized as a related party for financial reporting purposes ....
View Full Document
- Fall '08