The statement that "the financial statements were prepared in accordance with generally accepted accounting principles" is found in the
A) Management letter
B) Management discussion and analysis
C) Footnotes to the balance sheet.
D) Auditor's report.

Question

Quizplus · Accepted Answer

The statement that "the financial statements were prepared in accordance with generally accepted accounting principles" is typically included in the auditor's report, as it is the auditor's responsibility to ensure that the financial statements comply with GAAP. The management letter typically contains recommendations for the organization to improve its internal controls, while the management discussion and analysis provides management's analysis of the financial performance and results. The footnotes to the balance sheet provide additional information and details about the financial statements.

The Statement That "The Financial Statements Were Prepared in Accordance