FINANTIAL STATEMENTS

Question 1

financial statement analysis framework (6 STEPS)

Answer 1

1 - State the objective and context
2 - Gather data
3 - Process the data
4 - Analyze and interpret the data
5 - Report the conclusions or recommendations
6 - Update the analysis.

Question 2

standard auditor’s opinion

Answer 2

• unqualiFIED OPNION
• qualified opnion
• adverse opinion - not presented fairly or are materially nonconforming with accounting standards
• auditor is unable to express an opinion - disclaimer of opinion is issued

Any opinion other than unqualified is sometimes referred to as a modified opinion.