According to auditing standards, financial statements presented on a special-purpose framework should nota. Contain a note describing the special-purpose framework.b. Describe in general how the special-purpose framework differs from generally acceptedaccounting principles.c. Be accompanied by an audit report that gives an unmodified opinion with reference tothe special-purpose framework.d. Contain a note with a quantified dollar reconciliation of the assets based on the specialpurpose framework with the assets based on generally accepted accounting principles.
According to auditing standards, financial statements presented on a special-purpose framework should nota. Contain a note describing the special-purpose framework.b. Describe in general how the special-purpose framework differs from generally acceptedaccounting principles.c. Be accompanied by an audit report that gives an unmodified opinion with reference tothe special-purpose framework.d. Contain a note with a quantified dollar reconciliation of the assets based on the specialpurpose framework with the assets based on generally accepted accounting principles.
Chapter1: Financial Statements And Business Decisions
Section: Chapter Questions
Problem 1Q
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According to auditing standards, financial statements presented on a special-purpose framework 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 specialpurpose framework with the assets based on generally accepted accounting principles.
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