Tuesday, November 28, 2006

Audit Function [page 1]

the auditor:
-responsible for an OPINION [onion] ... on organization's financial statements ... in accordance w/ GAAP.

... opinion [onion] --> in all material respects, the financial position, results of operation, and cash flows are presented fairly in conformity w/ the GAP.

... opinion [onion] is stated explicitly in INTRODUCTORY paragraph of auditor's report.