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when providing limited assurance that the financial statements of a nonpublic entity 602290

When providing limited assurance that the financial statements of a nonpublic entity require no material modifications to be in accordance with generally accepted accounting principles, the accountant should

  1. Assess the risk that a material misstatement could occur in a financial statement assertion.
  2. Confirm with the entity’s lawyer that material loss contingencies are disclosed.
  3. Understand the accounting principles of the industry in which the entity operates.
  4. Develop audit programs to determine whether the entity’s financial statements are fairly presented.

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