thomas, cpa, has audited the consolidated financial statements of kass corporation. jones, cpa, has audited the financial statements of its sole subsidiary, which is significant in relation to the total audited by thomas. it would be appropriate for thomas to serve as the group auditor, but it is impracticable for thomas to review the work of jones. assuming an unmodified opinion is expressed by jones, thomas should

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10-12-2022
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thomas, cpa, has audited the consolidated financial statements of kass corporation. jones, cpa, has audited the financial statements of its sole subsidiary, which is significant in relation to the total audited by thomas. it would be appropriate for thomas to serve as the group auditor, but it is impracticable for thomas to review the work of jones. assuming an unmodified opinion is expressed by jones, thomas should

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akankshasharma92 akankshasharma92 · Answer 1 · 2022-12-18T11:57:07+01:00

D. Provide an unaltered assessment of the consolidated financial statements and make reference to Jones' work. Financial statements are documents that describe a company's operations and financial performance.

Government organizations, accounting companies, etc. frequently audit financial accounts to guarantee accuracy and for tax, financing, or investment purposes. The balance sheet, income statement, statement of cash flow, and statement of changes in equity are the four basic financial statements for for-profit entities. A comparable but distinct set of financial statements is used by nonprofit organizations. Financial information is used by investors and financial analysts to assess a company's performance and forecast where the stock price will go in the future. The annual report, which includes the company's financial statements, is one of the most significant sources of trustworthy and audited financial information.

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