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The following statement is representative of attitudes and opinion sometime encountered by CPAs in their professional practices: "It is important to read the notes to financial statements, even though they often are presented in technical language and are incomprehensible. The auditors may reduce their exposure to third-party liability by stating something in the notes that contradicts completely what they have presented in the balance sheet or income statement."

Evaluate the above statement and indicate:

1. Areas of agreement with the statement, if any.

2. Areas of misconception, incompleteness, or fallacious reasoning included in the statement, if any.

Accounting Basics, Accounting

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