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Statement on Auditing Standards Issued by the Auditing Standards Board American Institute of Certified Public Accountants The Meaning of Present Fairly in Conformity With Generally Accepted Accounting Principles in the Independent Auditor's Report ( Supersedes AU sec. 411, AICPA, Professional Standards, vol. 1.) 1. An independent auditor's unqualified opinion usually reads as follows: In our opinion, the financial statements referred to above present fairly, in all material respects, the financial position of X Company as of ( at) December 31, 19XX, and the results of its operations and its cash flows for the year then ended, in conformity with generally accepted accounting principles. The purpose of this section is to explain the meaning of the phrase " present fairly... in conformity with generally accepted accounting principles" in the independent auditor's report. 2. The first standard of reporting requires an auditor who has audited financial statements in accordance with generally accepted auditing standards to state in the auditors report whether the statements are presented in accordance with generally accepted accounting principles. Copyright © 1992 by the American Institute of Certified Public Accountants, Inc. 1211 Avenue of the Americas, New York, N. Y. 10036- 8775 1 234567890 AudS 998765432 January 1992 69