Final answer:
False. Both the auditor's responsibility paragraph and the opinion paragraph should be modified.
Step-by-step explanation:
False. When an auditor relies upon a different CPA firm to perform part of the audit and chooses to issue a shared opinion, both the auditor's responsibility paragraph and the opinion paragraph should be modified. The auditor's responsibility paragraph should state that the auditor is responsible for the part of the audit performed by the other CPA firm, and the opinion paragraph should indicate the division of responsibility.
This modification is necessary to ensure transparency and to clearly communicate to the users of the audit report that the responsibility for the audit is shared between two firms. It also helps to avoid any confusion or misinterpretation regarding the extent of the auditor's work and the conclusions drawn.
For example, the auditor's responsibility paragraph might be modified to state: 'Our responsibility is to express an opinion on the financial statements based on our audit, which includes the work performed by other auditors as described in our report.'