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Understanding Financial Statements-2

Understanding Financial Statements-2 - The Four Basic...

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The Four Basic Financial Statements 1. Balance Sheet 2. Income Statement or Earnings Statement 3. Statement of Stockholders’ Equity 4. Statement of Cash Flows 1-2
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1 - 3 Notes to the Financial Statements An integral part of the statements Provide a summary of the firm’s accounting policies Explain any changes in accounting policies Present detail about particular accounts
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Auditor’s Report Unqualified Qualified Adverse opinion Disclaimer of opinion 1-4
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Auditor’s Report (cont.) Unqualified (what you want!) Statements present information in conformity with GAAP Qualified Reports other than an unqualified opinion due to various circumstances Typically use word “except for” 1-5
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Auditor’s Report (cont.) Adverse opinion (not what you want!) Financial statements have not been presented fairly in accordance with GAAP 1-6
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Auditor’s Report (cont.) Disclaimer of opinion is issued when auditor can’t evaluate the fairness of the
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  • Spring '08
  • CAZANOVA
  • Auditor's report, international Accounting standards, basic financial statements, Adverse opinion Disclaimer

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