Audited financial statements should be presented fairly according to the substance of GAAS.

Name: Audited financial statements should be presented fairly according to the substance of GAAS.
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Question

Quizplus · Accepted Answer

Audited financial statements should be presented fairly according to the substance of GAAP (Generally Accepted Accounting Principles), not GAAS (Generally Accepted Auditing Standards). GAAS provides guidelines for auditors, not for financial statement presentation.

Audited Financial Statements Should Be Presented Fairly According to the Substance