Question
When expressing an opinion on a specified account or item in the financial statements, the auditor...
When expressing an opinion on a specified account or item in the financial statements, the auditor need only consider that account or item. However, the auditor must have audited the entire set of financial statements if this engagement requires a report on the entity's
a) net income.
b) retained earnings.
c) assets.
d) working capital.
Answers
The correct answer is a) Net Income
Net Income is not a separate account or item. It is the net result of various expenses and incomes incurred and earned during the period. In order to get control and comfort over the Net Income figure the auditor must audit the entire set of Financial Statements.
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