Issued by the Auditing Standards Executive Committee
AICPA American Institute of
Certified Public Accountants
Reports on Audited Financial Statements
( Supersedes Statement on Auditing Standards No. 1 1,
sections 510.01- 515.10, 535.01- 542.04, 544.01 and 547.01- 547.04)
1. This Statement applies to auditors' reports issued in connection
with examinations of financial statements that are intended to present
financial position, results of operations or changes in financial position
in conformity with generally accepted accounting principles. It
distinguishes the types of reports, describes the circumstances in
which each is appropriate, and provides examples. 2
2. This Statement does not apply to unaudited financial statements
that an accountant has been engaged to prepare or assist in preparing
( see SAS No. 1, section 5 1 6 ) , nor does it apply to reports on incomplete
or capsule financial information or on other special presentations
( see SAS No. 1, section 6 2 0 ).
3. Justification for the expression of the auditor's opinion rests on
the conformity of his examination with generally accepted auditing
standards and on his findings. Generally accepted auditing standards
include four standards of reporting. ( See SAS No. 1, section 150.02.)
1 Referred to hereinafter as SAS No. 1.
2This Statement clarifies and explains matters relating to the form of auditor's
standard report presently in use; the Statement is not a result of a reconsideration
of the form itself.
Copyright © 1974 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036
October 1974 2