Question

Which of these statements is true about the audit opinion formulation process presented in this chapter? a. The audit opinion formulation process is different for the financial statement only audit and the integrated audit. b. The audit opinion formulation process is based on the premise that management has responsibility to prepare the financial statements and maintain internal control over financial reporting. c. The audit opinion formulation process is comprised of seven phases. d. All of these are true statements regarding the audit opinion formulation process.

Answer 1

The answer is B. The audit opinion formulation process is based on the premise that management has responsibility to prepare the financial statements and maintain internal control over financial reporting.

Step-by-step explanation: