Comment on the following: If the financial statements contain an immaterial departure from generally accepted accounting principles,

Question:

Comment on the following: “If the contain an immaterial departure from generally accepted accounting principles, the auditors issue a qualified opinion; if the contain a material departure from GAAP, the auditors issue an adverse opinion.”

Financial Statements
Financial statements are the standardized formats to present the financial information related to a business or an organization for its users. Financial statements contain the historical information as well as current period’s financial...