L2 Notes_Part_16 - as of December 31, 1980 and 1979, and...

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“Standard” Audit Report circa 1940 We have examined the balance sheet of the XYZ Co. as of December 31, 1940, and the statements of income and surplus for the fiscal year then ended; have reviewed the system of internal control and the accounting procedures of the company; and, without making a detailed audit of the transactions, have examined or tested accounting records of the company and other supporting evidence by methods and to the extent we deemed appropriate. In our opinion, the accompanying balance sheet and related statements of income and surplus present fairly the position of XYZ Co. at December 31, 1940, and the results of its operations for the fiscal year, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. Harcourt Brace
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“Standard” Audit Report circa 1980 We have examined the balance sheet of the XYZ Co.
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Unformatted text preview: as of December 31, 1980 and 1979, and the related statements of income, retained earnings, and changes in financial position for the years then ended. Our examination s were made in accordance with generally accepted auditing standards and, accordingly, included such tests of the accounting records and such other auditing procedures as we considered necessary in the circumstances. In our opinion, the financial statements referred to above present fairly the financial position of XYZ Co. as of December 31, 1980 and 1979, and the results of its operations and changes in its financial position for the years then ended, in conformity with generally accepted accounting principles applied on a consistent basis. Harcourt Brace ACCOUNT ACTUALLY IS: fairly stated materially misstated fairly stated materially misstated Okay Risk of Incorrect Acceptance Risk of Incorrect Rejection Okay C O N C L U D E...
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This note was uploaded on 10/05/2011 for the course ACG 5637 taught by Professor Monikacaushoulli during the Fall '08 term at University of Florida.

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L2 Notes_Part_16 - as of December 31, 1980 and 1979, and...

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