Take the following as truth: Participants generally agreed that the profession needs a new reporting model for audits to eliminate the misunderstanding as to what an audit of financial statements is and what its limits are.
Then the following statement: "All previous financial audits have been confusing and difficult to understand, so participants agreed that a new model for audits is needed to clarify what they are and what their limitations are." is true, false, or inconclusive?
Answer: Inconclusive