Statements on Auditing
Issued by the Committee on Auditing Procedure, American Institute of Certified Public Accountants, 270 Madison Avenue, New York 16, N. Y.
Copyright 1957 by American Institute of Certified Public Accountants
1. In 1949, the membership of the Institute approved Statements on Auditing Procedure No. 23, entitled Clarification of Accountant's Report When Opinion Is Omitted. This action added a new auditing standard to those approved by the Institute membership in 1948. Ac-cordingly, the substance of this statement was incorporated in the 1954 revised edition of Generally Accepted Auditing Standards being stated therein as the fourth standard of reporting in the follow-ing manner:
"4. The report shall either contain an expression of opinion re-garding the financial statements, taken as a whole, or an assertion to the effect that an opinion cannot be expressed. When an over-all opinion cannot be expressed, the reasons therefor should be 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."
July 1957 Long-FormReports