L2 Notes_Part_5 - An audit also includes assessing the...

Info iconThis preview shows pages 1–3. Sign up to view the full content.

View Full Document Right Arrow Icon
Introductory Paragraph We have audited the accompanying consolidated balance sheets of The Procter & Gamble Company and subsidiaries as of June 30, 1996 and 1995, and the related statements of earnings, retained earnings, and cash flows for each of the three years in the period ended June 30, 1996. These financial statements are the responsibility of the companies’ management. Our responsibility is to express an opinion on these financial statements based on our audits. Identifies financial statements Auditor’s Responsibility: An opinion. Management’s Responsibility: The financial statements. Ricchute
Background image of page 1

Info iconThis preview has intentionally blurred sections. Sign up to view the full version.

View Full DocumentRight Arrow Icon
Scope Paragraph We conducted our audits in accordance with generally accepted auditing standards. Those standards require that we plan and perform the audits to obtain reasonable assurance about whether the financial statements are free of material misstatement. An audit includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements.
Background image of page 2
Background image of page 3
This is the end of the preview. Sign up to access the rest of the document.

Unformatted text preview: An audit also includes assessing the accounting principles used and significant estimates made by management, as well as evaluating the overall financial statement presentation. We believe that our audits provide a reasonable basis for our opinion. Introduces GAAS Explains Audit with 3 key terms Ricchute Opinion Paragraph In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of the companies at June 30, 1996 and 1995, and the results of their operations and cash flows for each of the three years in the period ended June 30, 1996, in conformity with generally accepted accounting principles. present fairly: unqualified opinion present fairly, except for: qualified or adverse opinion do not present fairly: qualified or adverse opinion { SEC: balance sheet 2 years income statement 3 years cash flows 3 years Ricchute...
View Full Document

Page1 / 3

L2 Notes_Part_5 - An audit also includes assessing the...

This preview shows document pages 1 - 3. Sign up to view the full document.

View Full Document Right Arrow Icon
Ask a homework question - tutors are online