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A careful reading of an unmodified opinion audit report indicates severa al mportant phrases Explan wthy each of the following phrases or clausos is used rather than the alternative provided a. Tho f inancial statoments referred to above present tarly, n all material respects, the finencial position rather than The financial statements mentioned above are correctly stated mplies absolute accuracy, whereas the allornative report statins th oost
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"Correctly stated" implies absolute accuracy, whereas the alternative report states that no material misstatements exist
When the financial statements are correctly stated, the financial statements are free from any errors and misstatements.
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