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AUD Prep

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Question:

FYI Modifications of MD&A (examination) Report - 1. Reservations as to presentation—Results in a qualified or adverse opinion. 2. Reservations as to scope—Results in a qualified opinion or a disclaimer of opinion. 3. Division of responsibility—May refer to another practitioner's report on MD&A for a specific component as a partial basis for one's own report. 4. Emphasis of a matter—Presented as a separate paragraph (e.g., information included beyond the SEC's requirements).

Author: Monique Tyler



Answer:

Review of MD&A—Results in Negative Assurance Purpose—To report whether the practitioner has any reason to believe that: 1. The presentation does not include the elements required by the SEC; 2. The historical financial amounts are not accurately derived from the financials; and 3. The underlying information, assumptions, etc., do not provide a reasonable basis for the disclosures within the MD&A.


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