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[DOCX File]Winston-Salem/Forsyth County Schools
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American Institute of Certified Public Accountants (AICPA) The Financial Accounting Standards Board (FASB) The Securities and Exchange Commission (SEC) ... CPAs must justify any departure from GAAP. Departure from GAAP is permitted IF following GAAP would make statements misleading.
aicpa gaap standards

[DOCX File]Background - AICPA
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The auditor may then define the possible deviation or exception conditions. For tests of controls, a deviation is a departure from the expected performance of the prescribed control. For compliance testing, an exception is a departure from laws, regulations, and the provisions of …
fasb and aicpa

[DOC File]Understanding GAAP, GAAS, and the Accounting Cycle
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American Institute of CPAs (AICPA) – often addresses specialized industries or specialized transactions. Securities and Exchange Commission (SEC) – has authority to establish disclosure for public companies, and oversees certain other standards setters ... Departure from GAAP (for example, significant uncertainty) Explanatory Paragraphs ...
fasb vs aicpa

[DOC File]PERFORMING COMPILATION AND REVIEW ENGAGEMENTS, …
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Material departures from generally accepted accounting principles (GAAP) may exist and the effects of those departures, if any, on the financial statements may not be disclosed. In addition substantially all disclosures required by GAAP may be omitted. (The accountant may wish to identify known departures.)
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[DOCX File]Example 14A - Ohio Auditor of State
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Because of a GAAP Departure. Paragraph A.1 (in SLG Ch. 14, App. A) describes conditions that may require modifying this report, such as when the financial statements include information from a prior period., This example assumes the qualification was material to major fund(s) and to GTA.
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[DOC File]Multiple-Choice Questions - CPA Diary
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c. must render a qualified report explaining the departure from generally accepted accounting principles in the opinion paragraph. d. must restate the financial statements on an accrual basis and then render the standard (short-form) report.
aicpa gaap standards

[DOC File]CHAPTER I - Home - UCSB Department of Economics
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Rule 203 of the Code of Professional Conduct prohibits a member of the AICPA from expressing an opinion that financial statements conform with GAAP if those statements contain a material departure from an accounting principle promulgated by the FASB, or its predecessors, the APB and the CAP, unless the member can demonstrate that because of ...
fasb and aicpa

[DOC File]Chapter 17 Auditors' Reports - CPA Diary
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D. The consistency in the application of generally accepted accounting principles. Difficulty: Medium Source: AICPA 46. Under which of the following set of circumstances might the auditors disclaim an opinion? A. The financial statements contain a departure from generally accepted accounting principles, the effect of which is material. B.
fasb vs aicpa

[DOC File]CHAPTER 3
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The American Institute of Certified Public Accountants (AICPA), the applicable state society of certified public accountants, and/or the local chapter. ... Modified 1 Justified Departure from GAAP U E 2 Emphasis of a Matter U E 3 Scope Limitation Q S, O, E D I, S, O, E 4 Going Concern U E 5 Other Auditors U I, S, O 6 None S N 7 None S N 8 ...
aicpa accounting standards

[DOCX File]Audit Terms
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Departure from prescribed internal control. Often expressed as a rate at which the departure occurs. ... “Generally Accepted Accounting Principles.” According to Rule 203 of the AICPA Code of Professional Conduct, GAAP for nongovernment entities include (in a conflict the source earlier in the list prevails): 1. FASB Standards and ...
aicpa vs gaap

Aicpa departure from gaap