Page 1 |
Previous | 1 of 9 | Next |
|
This page
All
Subset
|
AICPA American Institute of Certified Public Accountants Association With Financial Statements ( Supersedes Statement on Auditing Standards No. 1, sections 516, 517, and 518 and Statement on Auditing Standards No. 15, paragraphs 13— 15) 1 1. The fourth standard of reporting is: The report shall either contain an expression of opinion regarding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot he expressed. When an overall opinion cannot he expressed, the reasons therefor should he stated. In all cases where an auditor's name is associated with financial statements, the report should contain a clear- cut indication of the character of the auditor's examination, if any, and the degree of responsibility he is taking. The objective of the fourth reporting standard is to prevent misinterpretation of the degree of responsibility the accountant assumes when his name is associated with financial statements. 2. This Statement defines association as that term is used in the fourth reporting standard. It provides guidance to an accountant associated with the financial statements of a public entity or with a nonpublic entity's financial statements that he has been engaged to 1This Statement amends SAS No. 2 by the addition of the following to footnote 10: If an accountant is engaged to conduct an examination of the financial statements of a nonpublic entity in accordance with generally accepted auditing standards, but is requested to change the engagement to a review or compilation of the statements, he should look to the guidance in Statement on Standards for Accounting and Review Services 1, paragraphs 44— 49. Copyright © 1979 by the American Institute of Certified Public Accountants, Inc. 1211 Avenue of the Americas, New York, N. Y. 10036 Statement on Auditing Standards Issued by the Auditing Standards Board November 1979 26