Using Disclaimers In Audit Reports
- Topics:
- Audits
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Overview: From the executive summary: ‘Under Generally Accepted Auditing Standards (GAAS), the fourth standard of reporting requires that an auditor, at the conclusion of an audit, either express an opinion regarding the financial statements, taken as a whole, or issue a disclaimer of opinion.’ Researches indicate that a disclaimer of opinion is appropriate when there is lack of independence, scope limitations, doubt about the entity’s ability to survive, and matters involving uncertainties. The paper discusses the implications of using disclaimers in audit reports.
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Format: HTML | Date: Jan 2003 | Pages: 1
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