STATEMENT ON AUDITING PROCEDURE
(Supersedes paragraphs 22-25 of Chapter 10 of Statement on Auditing Procedure No. 33 and perti-nent portions of paragraph 9 of Statement on Audit-ing Procedure No. 34)
1. The purposes of this Statement are to identify the circum-stances in which the auditor's expression of a piecemeal opinion may be appropriate, to clarify the scope of an examination nec-essary to support a piecemeal opinion, and to set forth the pre-cautions which should be taken when a piecemeal opinion is expressed.
2. Piecemeal opinions differ from qualified opinions. In a qualified opinion, the auditor expresses his opinion on the state-ments taken as a whole, while at the same time clearly stating the qualification which he believes does not negate his opinion on the financial statements taken as a whole. In the case of a piecemeal opinion, the auditor has concluded that he either must disclaim an opinion or must express an adverse opinion on the statements taken as a whole; however, he believes the circum-stances, including the scope of his examination, justify his ex-
Issued by the Committee on Auditing Procedure American Institute of Certified Public Accountants
COPYRIGHT 1971 BY THE AMERICAN INSTITUTE OF CERTIFIED PUBLIC ACCOUNTANTS, INC.
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