What does it mean that the Accounting Standard Codification's (ASC's) guidance is "authoritative"? All entities must prepare their financial statements in accordance with ASC guidance to receive an unqualified audit opinion. None of these answers Publicly-traded entities must prepare their financial statements in accordance with ASC guidance to receive an unqualified audit opinion. Non-public entities must prepare their financial statements in accordance with ASC guidance to receive an unqualified audit opinion. Governmental entities must prepare their financial statements in accordance with ASC guidance to receive an unqualified audit opinion