First, SAS 100 clarifies the applicability of GAAS to a review of a public company's interim financial statements
It creates new options for accountants when performing compilation engagements in which the financial statements
are not expected to be used by a third party, and also allows the accountant to use his or her professional judgment in dealing with the client.
The IRS] challenges the accuracy of the [taxpayers'] financial statements
and contends that E&Y's certification does not pertain to the estimates of shrinkage.
4) If the IRS acknowledged this and consequently redesigned Form 1120 to conform to financial statements
, taxpayer burden could be materially reduced without diminishing the IRS's ability to ensure compliance with the tax laws.
A survey was sponsored by the Private Company Financial Reporting Task Force, which the AICPA established in 2004 to assess views of GAAP among private company financial reporting constituents and to see whether the benefits derived from GAAP financial statements
justify the cost of producing them.
The financial statement
audit answers the question: "Are there material errors in the financial statements
, after the audit is completed?
Several public companies, including Microsoft and Morgan Stanley, have filed XBRL versions of their financial statements
with the SEC and posted them on their websites.
3, Communication Methods in General Purpose External Financial Reports That Contain Basic Financial Statements
gov), said, "This bulletin expresses the views of the staff that exclusive reliance on certain quantitative benchmarks to assess materiality in preparing financial statements
and performing audits of the financial statements
is inappropriate; misstatements are not immaterial simply because they fall beneath a numerical threshold.
Statement on Auditing Standards (SAS) 82, Consideration of Fraud in a Financial Statement
Audit, requires that the independent auditor report directly to the audit committee any fraud involving senior management and fraud (whether caused by senior management or other employees) that causes a material misstatement of the financial statements
Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements
are free of material misstatement.
announced today that it is seeking various amendments to its senior secured credit facility and a consent under its senior unsecured term loan, including the extension of deadlines for providing financial statements
which are consistent with those required by the indenture governing its 9 3/8% senior subordinated notes.
RESOLVED: That as of the date hereof, the GASB, with respect to statements of governmental accounting standards adopted and issued in July 1984 and subsequently in accordance with its rules of procedure and the bylaws of the FAF, be, and hereby is, designated by the Council of the American Institute of Certified Public Accountants as the body to establish financial accounting principles for state and local governmental entities pursuant to rule 203, and standards on disclosure of financial information for such entities outside financial statements
in published financial reports containing financial statements
under rule 202.
1, Compilation and Review of Financial Statements
, effective for financial statements
submitted after Dec.
The initial goal of XBRL is to provide an XML-based framework that the global business information supply chain will use to create, exchange, and analyze financial reporting information including, but not limited to, regulatory filings such as annual and quarterly financial statements
, general ledger information, and audit schedules," according to XBRL.