Revision in short-form accountant's report or certificate ;

              Statements on Auditing Procedure
October 1948
No. 24
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Issued by the Committee on Auditing Procedure, American Institute of Accountants, 13 East 41st Street, New York 17, N. Y.
Copyright 1948 by American Institute of Accountants
Revision in Short-Form Accountant's Report or Certificate
1. The special report of the committee on auditing procedure on "Auditing Standards—Their Generally Accepted Significance and Scope" was issued in October, 1947. The summarized statement of auditing standards appearing on page 11 of the special report was approved in a resolution adopted by the council of the American Institute of Accountants in May, 1948. In accordance with that resolution, the summary of auditing standards was submitted for approval to the members attending the annual meeting of the Insti-tute in September, 1948, and was approved. The resolution adopted by the members present is appended to this statement.
2. The foregoing actions give an official status to the meaning of the term "generally accepted auditing standards" which has been used for several years in the accountant's short-form report or certifi-cate. It is the view of the committee on auditing procedure that the clarification thus accomplished makes it possible to simplify and improve the first paragraph of the short-form of accountant's report or certificate.
3. The committee believes that the first paragraph of the short-form report or certificate should be amended in the following respects:
(a) Exclude reference to the examination of the system of internal control.
(b) Exclude reference to the omission of a detailed audit of the transactions.
(c) Correct the inconsistent expression relating to auditing stand-ards applicable in the circumstances.
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