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AICPA American Institute of
Certified Public Accountants
Filings Under Federal
Securities Statutes
1. As in the case of financial statements used for other purposes,
management has the responsibility for the financial representations
contained in documents filed under the federal securities statutes.
In this connection the Securities and Exchange Commission has said:
The fundamental and primary responsibility for the accuracy of
information filed with the Commission and disseminated among the
investors rests upon management. Management does not discharge
its obligations in this respect by the employment of independent
public accountants, however reputable. Accountants' certificates are
required not as a substitute for management's accounting of its stewardship,
but as a check upon the accounting. 1
2. When an independent accountant's report is included in registration
statements, proxy statements, or periodic reports filed under
the federal securities statutes, the accountant's responsibility, generally,
is in substance no different from that involved in other types
of reporting. However, the nature and extent of this responsibility
are specified in some detail in these statutes and in the related rules
and regulations. For example, section 1 1 ( a ) of the Securities Act of
Note: This Statement supersedes Statement on Auditing Standards No. 1, section
710, " Filings Under Federal Securities Statutes." The changes provide guidance
for the accountant whose report based on a review of interim financial information
is presented, or incorporated by reference, in a filing under the Securities
Act of 1933.
14S. E . C . 721 ( 1939).
Copyright © 1981 by the
American Institute of Certified Public Accountants, Inc.
1211 Avenue of the Americas, New York, N. Y. 10036
1234567890 AudS 8987654321
Statement on
Auditing Standards
Issued by the Auditing Standards Executive Committee
April 1981
37
