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Indd 25 you can see from this chapter that a good

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Unformatted text preview: misstatement identified by the auditor. If the misstatement is considered so material that it pervasively affects the interpretation of the financial statements, the auditor will issue an adverse opinion, indicating that the financial statements are not fairly stated and should not be relied upon. Other types of reports are available to the auditor as well, depending on the circumstances. While it is important for you to be familiar with the basic components of the audit report as part of understanding an overview of the audit process, we cover the different types of financial statement audit reports in detail in Chapter 18. Our experience is that students find it more intuitive to learn the fundamental concepts of auditing and how an audit is conducted before being immersed in the details of audit reporting. The audit report represents the culmination of the audit process and is the auditor’s primary venue for communicating his or her opinion about a client’s financial statements with outside parties. An example of an unqualified audit report i...
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