Auditor's Report
Recorded in the annual report, the auditor's report tests to see that a corporation's financial statements comply with GAAP. This is sometimes referred to as the clean opinion. Investopedia Says:
Most auditor's reports consist of three paragraphs. The first states the responsibilities of the auditor and directors. The second is the scope, stating that GAAP was used. Finally, the third paragraph gives the auditor's opinion. Related Terms:
Andersen Effect Annual Report
Cook the Books
Generally Accepted Accounting Principles - GAAP
Hedge Clause
Internal Audit
Opinion Shopping
Statement of Financial Accounting Concepts - SFAC |