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Essay / Research Paper Abstract
This 3 page paper considers a case supplied by the student. A company has not complied with US GAAP as they have revealed property upwards. The paper considers how the auditors’ qualified statement may appear and how an adverse opinion may appear. The paper then looks at rule 203 AICPA Code of Professional Conduct and considers whether the report should be made. The bibliography cites 1 source.
Page Count:
3 pages (~225 words per page)
File: TS14_TEadr203.rtf
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Unformatted sample text from the term paper:
accounts are correct and accurate, a qualified opinion, where they are mostly correct, with some exception and a adverse opinion where they are not deemed to be accurate.
In the case given there is a departure from the GAAP standard and this may be seen as making a material difference to the
accounts, but not to the extent that an adverse opinion is needed then the auditor will need to be an qualified opinion. An unqualified opinion is given where the accounts
are correct and there are no reservations. An example to the statement that may be given by the auditor is as follows. The financial statements have been prepared
in accordance with US GAAP and are substantially in accordance with these standard with the exception of the revaluation of the of the land, which was purchased for $100,000
and is currently show at a value of $400,000. Under US GAAP there is not the option to revalue property upwards. This departure from the GAAP principles is deemed to
have a material misleading effect on the reported accounts. In our opinion, expect for the departure form GAAP with the revaluation of the property, as noted above, the
financial statements present fairly, in all material respects the position of Graham Company and their financial position at 31st December 20XX of the cash flow and operations in accordance with
US GAAP. Question 2 The auditors report is given on the reliability of the statements in the annual accounts, where there is a material difference that, when the accounts
are looked at as a while may be seen as impacting on the entire picture they present and as such to not comply with the standards, in this case GAAP,
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