The Primacy of “Present Fairly” in the Auditor's Report*

Stephen A. Zeff

30 citations0/0 files storedAccounting Perspectives

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Auditing, Earnings Management, Governance Accounting Theory and Financial Reporting Accounting and Financial Management

Abstract

ABSTRACT In this paper, the author examines the historical evolution in the United States of the use of the term “present fairly” in the auditor's report, as well as the experience and arguments in the United States and Canada regarding the use of a “two‐part” opinion in the report. He then develops an argument for the adoption of a “two‐part” opinion, decoupling “present fairly” from conformity with generally accepted accounting principles, which would place primary emphasis on “present fairly".

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