Reference Analysis Question 17–21 in the textbook.An accountant of.docx
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The document discusses the importance of reading notes to financial statements, highlighting a statement made by an auditor regarding reducing liability exposure through contradictory notes. It prompts an evaluation of the statement for agreements and misconceptions. The focus is on understanding the role and implications of financial notes in the auditing process.
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Reference Analysis Question 17–21 in the textbook.An accountant of.docx
- 1. Reference Analysis Question 17–21 in the textbook. An accountant of an audit client made the following statement: “It is important to read the notes to financial statements, even though they are presented in technical language and are incomprehensible. Auditors may reduce their exposure to third- party liability by stating something in the notes that contradicts completely what the client has presented in the balance sheet or income statement.” Evaluate the above statement and indicate: a) areas of agreement, if any b) areas of misconception, incompleteness, or fallacious reasoning included in the statement