L2 Notes_Part_15 - statement of income and surplus for the...

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“Standard” Audit Report before 1917 We have examined the above accounts with the books and vouchers of the company and find the same to be correct. We approve and certify that the above balance sheet correctly sets forth the position of the company. Harcourt Brace
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“Standard” Audit Report in 1917 I have audited the accounts of XYZ & Co. for the period from January 1, 1917, to December 31, 1917, and I certify that the above balance sheet and statement of profit and loss have been made in accordance with the plan suggested and advised by the Federal Reserve Board and in my opinion set forth the financial condition of the firm at December 31, 1917, and the results of its operations for the period. Harcourt Brace
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“Standard” Audit Report circa 1934 We have made an examination of the balance sheet of the XYZ Co. as of December 31, 1934, and of the
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Unformatted text preview: statement of income and surplus for the year then ended. In connection therewith, we examined or tested accounting records of the company and other supporting evidence and obtained information and explanations from officers and employees of the company; we also made a general review of the accounting methods and of the operating and income accounts for the year, but we did not make a detailed audit of the transactions. In our opinion, based upon such examination, the accompanying balance sheet and related statements of income and surplus fairly present, in accordance with accepted principles of accounting consistently maintained by the company during the year under review, its position at December 31, 1934, and the results of its operations for the year. Harcourt Brace...
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L2 Notes_Part_15 - statement of income and surplus for the...

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