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AICPA American Institute of Certified Public Accountants Reports on Comparative Financial Statements ( Supersedes Statement on Auditing Standards No. 1, section 516.11-. 12, Statement on Auditing Standards No. 2, paragraph 49, and Statement on Auditing Standards No. 7, paragraph 11) 1 1. This Statement provides guidance to an auditor reporting on financial statements of one or more prior periods that are presented on a comparative basis with financial statements of the current period. 2 2. The fourth standard of reporting requires that an auditor's report contain either an expression of opinion regarding the financial statements taken as a whole or an assertion to the effect that an opinion cannot be expressed. Reference in the fourth reporting standard to 1This Statement also supersedes the auditing interpretation of paragraph 49 of SAS No. 2 on " Reporting on Comparative Financial Statements of Nonprofit Organizations," January 1976 ( AU section 9509.07-. 10). 2See SAS No. 1, section 543.16-. 17, for reporting on restated financial statements of prior years following a pooling of interests. Copyright © 1977 by the American Institute of Certified Public Accountants, Inc. 1211 Avenue of the Americas, New York, N. Y. 10036 Auditor's Standard Report on Comparative Financial Statements Statement on Auditing Standards Issued by the Auditing Standards Executive Committee December 1976 15