during the audit of pittsfield cleaning, a private company, the auditors found a material overstatement that was not considered pervasive in the accounts receivable account. assuming no other issues were discovered during the audit, which type of audit report should be issued?

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spowell8060 spowell8060

02-09-2022
Business

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during the audit of pittsfield cleaning, a private company, the auditors found a material overstatement that was not considered pervasive in the accounts receivable account. assuming no other issues were discovered during the audit, which type of audit report should be issued?

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tripatsingh039 tripatsingh039 · Answer 1 · 2022-09-06T07:38:19+02:00

during the audit of Pittsfield cleaning, a private company, the auditors found a material overstatement that was not considered pervasive in the accounts receivable account a Qualified type of audit report should be issued.

An auditor's report is a written document expressing the auditor's assessment of whether the financial statements of a firm are in accordance with generally accepted accounting standards (GAAP) and are free of serious misstatements.

Usually, the company's annual report is released along with the independent and external audit report.

The auditor's report is crucial because banks and creditors want an audit of a company's financial accounts before financing to them.

A company's financial statements must adhere to GAAP and be free of major misstatements, according to the auditor's report.

Because banks, creditors, and regulators demand an audit of a company's financial statements, the audit report is significant.

Learn more about the audit report here

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