Unformatted text preview: What informaTon should the review report contain? A review is not sufficient to enable the accountants to express an opinion on the fairness of the financial statements. Therefore, the accountants' report concludes with a statement that the accountants do not express such an opinion (Whittington 739). What should O’Neil do if she Fnds there was a material departure from GAAP? A modification of the report is required when the accountants become aware of a material departure from generally accepted accounting principles (or some other comprehensive basis of accounting). The departure is referred to in the report's fourth paragraph, similar to the following: With the exception of the matter described in the following paragraph, we are not aware of any material modifications (Whittington 739). Whittington, O. R., & Pany, K. (2014). Principles of auditing & other assurance services (19th ed.). New York, NY: McGraw-Hill....
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- Spring '14
- Generally Accepted Accounting Principles, Whittington, material departure, Melissa O’Neil, review report contain