If management fails to provide adequate justification for a change from one generally accepted accounting principle to another, the auditors should:
a. Modify the Opinion Section and Basis for Opinion Section of the report for lack of conformity with generally accepted accounting principles.
b. disclaim an opinion on the entity's financial statements because of uncertainty.
c. disclose the matter in an emphasis-of-matter paragraph but not modify the Opinion Section of the report.
d. Not modify the report because both principles are generally accepted accounting principles.
Answers: 1
Business, 22.06.2019 07:10
mark, a civil engineer, entered into a contract with david. as per the contract, mark agreed to design and build a house for david for a specified fee. mark provided david with an estimation of the total cost and the contract was mutually agreed upon. however, during construction, when mark increased the price due to a miscalculation on his part, david refused to pay the amount. this scenario is an example of a mistake.
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Business, 22.06.2019 11:10
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Business, 22.06.2019 14:10
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Business, 22.06.2019 18:00
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If management fails to provide adequate justification for a change from one generally accepted accou...
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