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【正文】 results of their operations and cash flows for each of the three years in the period ended December 31, 2023, in conformity with . GAAP. 3 17 Reporting Standards ? F/S are in conformity with GAAP ? Identifies any changes in consistency ? Identifies any inadequate disclosures. ? Express an opinion and identifies any reasons for opinions other than unqualified 3 18 Auditors Assurance of GAAP Financial Statements are: ? In accordance with GAAP ? Accounting principles are appropriate for circumstances ? Informative for their use ? the classifications are neither to condensed or too detailed ? Accurate within practical limits of materiality ? Adequately disclosed and consistent 3 19 Types of Reports ? Unqualified or clean no problems, everything was audited and conformed to GAAP. ? Unqualified with an explanatory paragraph ? Qualified everything OK except for a specific item or items. ? Adverse not in conformity with GAAP ? Disclaimer No opinion 3 20 Unqualified Report with Explanation 1. Lack of consistent application of generally accepted accounting principles. 2. Substantial doubt about going concern. 3. Auditor agrees with a departure from promulgated accounting principles. 4. Emphasis of a matter. 5. Reports involving other auditors. 3 21 Consistency versus Comparability Changes that affect consistency and require an explanatory paragraph if they are material: 1. Changes in accounting principles 2. Changes in reporting entities 3. Corrections of errors involving principles 3 22 Consistency versus Comparability Changes that affect parability but not consistency: 1. Changes in an estimate 2. Error corrections not involving principles 3. Variations in format and presentation of financial information 4. Changes because of substantially different transactions or events 3 23 Substantial Doubt about Going Concern 1. Significant recurring operating losses or working capital deficiencies 2. Inability of the pany to pay its obligations as they e due 3. Loss of major customers, the occurrence of uninsured catastrophes 4. Legal proceedings, legislation, that might jeopardize the entity’s ability to operate 3 24 Reports for Client’s with Going concern issues ? Unqualified with an explanatory paragraph using the words substantial doubt and going concern. ? Disclaimer because of massive going concern issues ? Adverse or qual
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