What is a basis of opinion paragraph in an unqualified opinion?
The basis for opinion paragraph contains a statement that management is responsible for the preparation of the financial statements that are being audited as well as a statement that the audit was conducted in accordance with the PCAOB.
Additionally, the basis for opinion paragraph should state that it is the auditor’s responsibility, not management’s, to perform audit procedures and report an audit opinion on the financial statements.
Furthermore, the basis for the audit opinion should state:
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