Question

In the audit of consolidated financial statements under U.S. auditing standards when more than one CPA firm is involved and the principal audit firm chooses to mention the other firm(s), the wording of which paragraph(s) is modified?

a. Introductory Paragraph: No; Scope Paragraph: No; Opinion Paragraph: Yes.
b. Introductory Paragraph: No; Scope Paragraph: Yes; Opinion Paragraph: Yes.
c. Introductory Paragraph: Yes; Scope Paragraph: Yes; Opinion Paragraph: Yes.
d. Introductory Paragraph: Yes; Scope Paragraph: Yes; Opinion Paragraph: No.

Answer 1

In the audit of consolidated financial statements, the wording of the Opinion Paragraph is modified when more than one CPA firm is involved.

Step-by-step explanation:

In the audit of consolidated financial statements under U.S. auditing standards when more than one CPA firm is involved and the principal audit firm chooses to mention the other firm(s), the wording of the Opinion Paragraph is modified.