Standards-Based Decision Making Essay Example | Topics and Well Written Essays - 1000 words

Standards-Based Decision make - Essay Exampleditors are required to state whether an canvas client has complied with the Generally Accepted history Principles (G.A.A.P) when preparing financial statements (Williams, 2006).Green and Associates is an external audit firm to ABC Corporation. The audit firm may go out any of the four types of the audit opinions after completing a corporate financial audit on ABC Corporations financial statements. Green and Associates may provide an unqualified or clear opinion of the keep companys financial statements. An unqualified opinion is only provided when an audit firm ascertains that a companys financial statements reflect a truthful opinion of its financial operations. The opinion in like manner indicates that the companys financial statements are in deference with the G.A.A.P. An unqualified opinion is the best audit report that a company can receive from its auditors.In our opinion, ABC Corporations financial records provide an hones t and fair view of its financial operations during the fiscal year ended 31th swaggering and are in compliance with the Generally Accepted Accounting Principles.An unqualified opinion may endorsement an explanatory divide if the auditors feel that certain disclosures in the financial statements require a detailed accounting or when there is a change of auditors. It arises when the financial records indicate some minor deviations from G.A.A.P. The explanatory paragraph includes a detailed explanation of the auditors opinion.In our opinion, ABC Corporations financial statements require modification to expel the minor inconsistencies with the G.A.A.P, despite reflecting a true and fair view of the companys financial operations.An audit report may provide a qualified or an miss for opinion after completing a corporate financial audit. Green and Associates may provide a qualified opinion if it believes that ABC corporations financial records are not in compliance with the G.A.A.P, d espite representing a true