Homework answers / question archive /   Why does the standard unmodified report on the financial statements of a private company contain paragraphs outlining  management’s responsibility for the financial statements and (2) the auditor’s responsibility for the financial statements? What is contained in these paragraphs? What is the significance of the date on the auditor’s report on the financial statements?  In what circumstances is an auditor required or allowed to include an emphasis-of-matter paragraph in the audit report on the financial statements? Explain the term “consistency” in the context of financial statements

  Why does the standard unmodified report on the financial statements of a private company contain paragraphs outlining  management’s responsibility for the financial statements and (2) the auditor’s responsibility for the financial statements? What is contained in these paragraphs? What is the significance of the date on the auditor’s report on the financial statements?  In what circumstances is an auditor required or allowed to include an emphasis-of-matter paragraph in the audit report on the financial statements? Explain the term “consistency” in the context of financial statements

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  Why does the standard unmodified report on the financial statements of a private company contain paragraphs outlining  management’s responsibility for the financial statements and (2) the auditor’s responsibility for the financial statements? What is contained in these paragraphs?

What is the significance of the date on the auditor’s report on the financial statements?

 In what circumstances is an auditor required or allowed to include an emphasis-of-matter paragraph in the audit report on the financial statements?

Explain the term “consistency” in the context of financial statements. Provide examples of situations that affect consistency of financial statements.