Auditing & Assurance Services 6th Edition by Timothy Louwers

Exercise 528

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 special purpose framework with the assets based on generally accepted accounting principles.