According to auditing standards, financial statements presented on a special purpose frame-work should not a. Contain a

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According to auditing standards, financial statements presented on a special purpose frame-work should not
a. Contain a note describing the special purpose framework.
b. Describe in general how the special purpose framework differs from generally accepted accounting principles.
c. Be accompanied by an audit report that gives an unmodified opinion with reference to the special purpose framework.
d. Contain a note with a quantified dollar reconciliation of the assets based on the special purpose framework with the assets based on generally accepted accounting principles.

Audit Report
The audit report is issued by a certified public accountant who is appointed by the shareholders to provide assurance upon the truth and fairness of the financial statements prepared by the managers of the company. Audit report contains the...
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...
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Auditing and Assurance Services

ISBN: 978-0077862343

6th edition

Authors: Timothy Louwers, Robert Ramsay, David Sinason, Jerry Straws

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