When financial statements of a nonpublic company are affected by a material departure from generally accepted accounting principles, the auditors should:

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kailinaguilar1943 kailinaguilar1943

02-06-2022
Business

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When financial statements of a nonpublic company are affected by a material departure from generally accepted accounting principles, the auditors should:

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nikitavidya0 nikitavidya0 · Answer 1 · 2022-06-15T11:21:23+02:00

When financial statements of a nonpublic company are affected by a material departure from generally accepted accounting principles, the auditors should issue an opinion that is unmodified.

What is GAAP?

The full form of the GAAP is Generally Accepted Accounting Principles in which the rules and regulations related to the financial accounting are written.

In the above case in which the Non public company is affected by the departure of the material then the auditors must issue the an opinion that is unmodified.

Learn more about the accounting principles here:

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