An audit report included the following emphasis-of-matter paragraph: "The financial statements of the Holmlund Company...
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Accounting
An audit report included the following emphasis-of-matter paragraph: "The financial statements of the Holmlund Company have been prepared assuming that the Company will continue as a going concern. As discussed in footnote 10, the Company has experienced losses and negative cash flows from operations for the past 3 years..." Which of the following statements is incorrect?
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| The auditors obtained information regarding management's plans to improve financial performance. |
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| The auditors determined that management's plans to improve financial performance were unlikely to be successful. |
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| The auditors evaluated the viability of management's plans to improve financial performance. |
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| The auditors issued a disclaimer of opinion on Holmlund's financial statements. |
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