.01 An independent auditor's report contains an opinion as to whether the financial statements present fairly, in all material respects, an entity's financial position, results of operations, and cash flows in conformity with generally accepted accounting principles. An identification of the applicable financial reporting framework is required (see paragraph .08e of the AS 3101, The Auditor's Report on an Audit of
Financial Statements When the Auditor Expresses an Unqualified Opinion). The purpose of this section is to explain the meaning of "present fairly" as used in the phrase "present fairly . . . in conformity with generally accepted accounting principles." In applying this section, the auditor should look to the requirements of the Securities and Exchange Commission for the company under audit with respect to the accounting principles applicable to that company. [.02]
[Paragraph deleted.] .03 The independent auditor's judgment concerning the "fairness" of the overall presentation of financial statements should be applied within the framework of generally accepted accounting principles. Without that framework, the auditor would have no uniform standard for judging the presentation of financial position, results of operations, and cash flows in financial statements. .04 The auditor's opinion that financial statements present fairly an entity's financial position, results of operations, and cash flows in conformity with generally accepted accounting principles should be based on his or her judgment as to whether (a) the accounting principles selected and applied have general acceptance; (b) the accounting principles are appropriate in the circumstances; (c) the financial statements, including the related notes, are informative of matters that may affect their use, understanding, and interpretation (see paragraph .31 of AS 2810, Evaluating Audit Results); (d) the information presented in the financial statements is classified and summarized in a reasonable manner, that is, neither too detailed nor too condensed (see AS 2810.31); and (e) the financial statements reflect the underlying transactions and events in a manner that presents the financial position, results of operations, and cash flows stated within a range of acceptable limits, that is, limits that are reasonable and practicable to attain in financial statements.1 [.05] [Paragraph deleted.] .06 Generally accepted accounting principles recognize the importance of reporting transactions and events in accordance with their substance. The auditor should consider whether the substance of transactions or events differs materially from their form. [.07] [Paragraph deleted.] .08 The auditor should be aware that the accounting requirements adopted by regulatory agencies for reports filed with them may differ from generally accepted accounting principles in certain respects. Paragraph .04 of AS 3310,Special Reports on Regulated Companies, and AS 3305, Special Reports, provide guidance if the auditor is reporting on financial statements prepared in conformity with a comprehensive basis of accounting other than generally accepted accounting principles. [.09-.18] [Paragraphs deleted.] B you are late arriving at school your job is to write two letters explaining why you are late for school the first letter you will write will be to t … he principal explaining why you are late to school Be sure to use the kind of language formal The Story of the Aged Mother A Japanese Folktale (An excerpt) By Matsuo Basho Long ago, in a tiny village in Japan, there lived a young farmer and his … old mother. They lived well but simply until the cruel governor declared a wicked law. He said, "I have no desire for old people in my village. They are weak and cannot do work!" The law was to put the people aging 75 years and above to be abandoned in the mountain. The cruel governor also added, "All who will disobey the law must be put to death together with their old relatives." This law made the young farmer very sad for his mother was very old. Though he loved his mother, he must obey the governor. The young farmer carried his mother to the mountain with a heavy heart. On their way to the mountain, the mother dropped small twigs as markers to help her son get back. When the farmer bade farewell, she advised him to return home with the aid of the twigs. This made the son make up his mind to take his mother back home. Filled with dread, he hid his mother in his home. Their kitchen, where he keeps their food, became his mother's new place to live. Time passed, and the farmer was beginning to feel safe when the governor had announced a demand to all of his people that he wanted a rope of ash. Nobody in the village could make one, it was impossible. The farmer became anxious with the governor's demand, so he asked his mother if she knew how to make one. His old mother, filled with the wisdom she gained from her years of living, had smiled to show her son that the governor's demand is not impossible. She said, "Son, make a rope from a twisted straw." Then she added, "Stretch it on a flat stone and burn it there on a windless night." The farmer did what his mother told him, and amazingly it worked. He told the other villagers that he could make the governor's demand. Immediately, the farmer was sent to the governor's place to show him the rope of ashes. The governor became happy to see how smart his people are from accomplishing a difficult task. To his joy, he asked the farmer where he got his wisdom. This made the farmer tremble in fear and immediately bowed down to the governor, begging for forgiveness. The farmer had told him about his mother and how he was able to create the rope of ashes. The governor became silent and had thought deeply for a while. At that moment, he abolished his law on abandoning the old people. He would not kill the elders anymore because they had great wisdom. CHARACTER'S NAME TRAITS EVIDENCE FROM THE TEXT: Activity 2. Blend the words together to form new words. Write your answer in the space provided. 1. Turn and whirl ______________________ 2. Hazardous … material ______________________ 3. Telephone marathon ______________________ 4. Internet etiquette ______________________ 5. Breakfast and lunch ______________________ 6. Stay and vacation ______________________ what if what is the prefixes of chief please help me..To write essay Kahit anong topic lang...with Introduction,body, conclusion Which area of public accounting means the examination of financial statements by CPA for the purpose of expressing an opinion as to the fairness of the statement?An audit is the examination of an entity's accounting records, as well as the physical inspection of its assets. If performed by a certified public accountant (CPA), the CPA can express an opinion on the fairness of the entity's financial statements.
Which branch of accounting means examination of financial statements by a CPA for the purpose of?Auditing is a subfield of accounting in which a third-party certified public accountant, often known as an Auditor, examines and verifies the company's financial records to determine whether or not they are accurate and consistent. There are other occasions when the practice of internal auditing is carried out.
What is the purpose of a financial statement audit by CPA?An audit is the highest level of financial statement service a CPA can provide. The purpose of having an audit is to provide financial statement users with an opinion by the auditoron whether the financial statements are prepared in accordance with the proper financial reporting framework.
What is it called when an accountant performs an examination of the company's financial statements and controls?A financial audit is an objective examination and evaluation of the financial statements of an organization to make sure that the financial records are a fair and accurate representation of the transactions they claim to represent.
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Which area of accounting means the examination of financial statements by a CPA for the purpose of expressing an opinion as to the fairness of the statements?
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