A standard unqualified audit opinion states that financial statements present fairly a company's results in accordance with

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A standard unqualified audit opinion states that financial statements "present fairly" a company's results "in accordance with generally accepted accounting principles." Does following GAAP necessarily "present fairly" a company's operating results? What should a company do if following GAAP does not "present fairly" its operating results?
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...
GAAP
Generally Accepted Accounting Principles (GAAP) is the accounting standard adopted by the U.S. Securities and Exchange Commission (SEC). While the SEC previously stated that it intends to move from U.S. GAAP to the International Financial Reporting Standards (IFRS), the...
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