An investor found the following in an annual report: "The financial statements,in our opinion,present fairly the financial position,operating results,and cash flows,in conformity with accounting principles generally accepted in the United States." In which section of the annual report did the investor find this?
A)Balance sheet
B)Notes to the Financial Statements
C)Management's Discussion and Analysis
D)Report of Independent Accountants

Question

Quizplus · Accepted Answer

This statement is typically found in the "Report of Independent Accountants," which is also known as the auditor's report. This report is prepared by an external auditing firm and provides an opinion on whether the financial statements are presented fairly and in accordance with Generally Accepted Accounting Principles (GAAP).

An Investor Found the Following in an Annual Report: "The