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Related to this, SAS 100 provides guidance to accountants reviewing a new client's interim financial statements without the benefit of having audited the client's financial statements in the prior period.
8, submission of financial statements is defined as "presenting to a client or third parties financial statements that the accountant has prepared either manually or through the use of computer software.
Literally interpreted, Judge Laro's statements involving GAAP mean that an unqualified audit opinion is a guarantee or warranty (a "certification") that all of the accounting methods used to prepare the financial statements on which the audit opinion was rendered were in conformity with GAAP.
Hence, the goal should not simply be to push formatting requirements down to taxpayers (from the IRS), but to reduce the formatting that must be done (or redone) in any event by migrating to a financial statement-based return -- that is to say, a simplified two-page Form 1120 that contains only summary and reconciling information on the ground that other necessary information is set forth in the taxpayer's financial statements.
Practitioners often perform multiple roles in serving clients and may be instrumental in helping prepare or providing assurance on financial statements.
The 404 internal control audit opinion answers the question: "Could there, theoretically, have been material errors in the financial statements that management put together, before the external auditor completed its audit?
Several national banks are involved in a market demonstration project to assess the benefits and obstacles of having borrowers submit their financial statements in XBRL to lenders.
The GASB is currently seeking constituent comment on the proposed Concepts Statement, Elements of Financial Statements.
Assess each deficiency's impact on the fair presentation of their financial statements.
SAS 89, Audit Adjustments, requires that a summary of uncorrected misstatements be included in or attached to management's representation letter, and that the independent auditor inform the audit committee about uncorrected misstatements aggregated by the auditor during the current engagement and pertaining to the latest period presented that were determined by management to be immaterial -- both individually and in the aggregate -- to the financial statements taken as a whole.
In our opinion, the financial statements referred to above present fairly, in all material respects, the individual and consolidated financial positions of The California Society of Certified Public Accountants and California Certified Public Accountants Education Foundation as of April 30, 2001 and 2000, and the changes in their net assets and their cash flows for the years then ended, in conformity with accounting principles generally accepted in the United States of America.
31, 2006, for providing audited financial statements for the fiscal year ended Dec.

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