Accounting Principles and Financial Statements Audit Report
In the United States, the standard unqualified audit report states that the firm’s financial statements included in its annual report present fairly, in all material respects, the financial position of the company at the year end, the results of its operations, and its cash flows, in conformity with generally accepted accounting principles (GAAP). The standard unqualified audit report in the United Kingdom uses different language: such a report states that the company accounts give a true and fair view (TFV) of the state of affairs at the end of a given year. The term “generally accepted accounting principles” has been used ...