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
(Applicability of Reporting Standards in Special Circumstances)
1. The independent certified public accountant has long had authori-tative literature and accepted practice to guide Mm in that part of his work which has to do with reporting on the more usual types of financial statements of corporate business enterprises organized for profit. When he has undertaken to report on matters outside that category, he has had little besides his own experience and judgment to guide Mm, since the profession has not clarified the applicability of generally accepted audit-ing standards in such circumstances.
2. The purposes of this statement are:
a. To provide a basis for differentiating between reports for which the wording of the usual short-form opinion or certificate (whether used in a short-form or long-form report) is appro-priate and reports for which special wording in the opinion or certificate seems to be necessary. These latter reports are gen-erally referred to hereinafter as "special reports."
b. To clarify the applicability of generally accepted auditing standards to such special reports.