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14 - creditors Auditor’s Report • Companies hire...

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Prior Period Adjustments Correction of an accounting error from a previous period Related revenue or expense item has been closed into Retained Earnings Beginning retained earnings is adjusted for the amount of the error Management’s Responsibility Internal controls over financial reporting in accordance with GAAP Standard for preparing financial statements Designed to produce relevant and reliable information for investors and
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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...
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