Delta life insurance co. prepares its financial statements, Ask an Expert

Accounting

Delta Life Insurance Co. prepares its financial statements on an accounting basis insurance companies use pursuant to the rules of a state insurance commission. If Wall, CPA, Delta's auditor, discovers that the statements are not suitably titled, Wall should

A. Disclose any reservations in an explanatory paragraph and qualify the opinion.

B. Issue a special statutory basis report that clearly disclaims any opinion.

C. Apply to the state insurance commission for an advisory opinion.

D. Explain in the notes to the financial statements the terminology used.

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Accounting Basics, Accounting

Category:- Accounting Basics
Reference No.:- M9407063

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