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flemingpk flemingpk
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An audit is a formal evaluation of the fairness and reliability of a client's financial statements.

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Textbook 

Business in Action


Edition: 9th
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itsbreckitsbreck
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true

An audit is a formal evaluation of the fairness and reliability of a client's financial statements. An unqualified or "clean" audit report means that to the best of the auditor's knowledge a company's financial statements are accurate and conform to GAAP practices. Auditors issue qualified reports when they are unable to verify all relevant information or to call attention to nonstandard elements within the report. If the departures from normal practices are significant and unfairly represent the company's finances, the auditor issues an adverse opinion.

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