Unformatted text preview: creditors Auditor’s Report • Companies hire Certified Public Accountants (CPAs) to examine financial statements Examination is called an external audit CPAs are to independent of the company they are auditing • CPA firms issue audit reports Provide opinion if financial statements are in accordance with GAAP Types of Audit Reports Unqualified Clean opinion; Statements are fairly presented Qualified “Except for” opinion; Statements are reliable except for one or more items Adverse Statements are unreliable and not in accordance with GAAP Disclaimer No opinion; auditor was unable to form an opinion...
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This note was uploaded on 06/14/2011 for the course ACCOUNTING 23020 taught by Professor Na during the Spring '11 term at Kent State.
- Spring '11
- Financial Accounting