#cfa-level-1 #reading-22-financial-statement-analysis-intro
the independent audit report provides reasonable assurance that the financial statements are fairly presented, meaning that there is a high probability that the audited financial statements are free from materialerror, fraud, or illegal acts that have a direct effect on the financial statements.
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3.1.7. Auditor’s Reportsing techniques and financial statement line items may be based on estimates and assumptions, independent auditors cannot express an opinion that provides absolute assurance about the accuracy or precision of the financial statements. Instead, <span>the independent audit report provides reasonable assurance that the financial statements are fairly presented, meaning that there is a high probability that the audited financial statements are free from materialerror, fraud, or illegal acts that have a direct effect on the financial statements.
The standard independent audit report for a publicly traded company normally has several paragraphs under both the international and US auditing standards. The first or “in Summary
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