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AICPA 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 Statement on Auditing Standards No. 1, section 410.03-. 041) 1. An independent auditor's unqualified opinion usually reads as follows: In our opinion, the financial statements referred to above present fairly the financial position of X Company as of ( at) December 31, 19XX, and the results of its operations and the changes in its financial position for the year then ended, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year. The purpose of this Statement is to explain the meaning of the phrase " present fairly . . . in conformity with generally accepted accounting principles" in the independent auditor's report. 2 1This Statement amends the text of section 210.05 of SAS No. 1 by deletion of the last sentence to that section. 2This Statement clarifies and explains matters relating to the form of auditor's report presently in use; the Statement is not a result of a reconsideration of the form itself. Copyright © 1975 by the American Institute of Certified Public Accountants, Inc. 1211 Avenue of the Americas, New York, N. Y. 10036 5 Issued by the Auditing Standards Executive Committee Statement on July 1975 Auditing Standards