3-26 (Objective 3-1) A careful reading of an unqualified report indicates several important phrases. Explain why each of the following phrases or clauses is used rather than the alternative provided: a. “The financial statements referred to above present fairly in all material respects the financial position” rather than “The financial statements mentioned above are correctly stated.” b. “In conformity with accounting principles generally accepted in the United States of America” rather than “are properly stated to represent the true economic conditions.” c. “In our opinion, the financial statements present fairly” rather than “The financial statements present fairly.” d. “Brown & Phillips, CPAs (firm name),” rather than “James E. Brown, CPA (individual partner’s name).” e. “We conducted our audit in accordance with auditing standards generally accepted in the United States of America” rather than “Our audit was performed to detect material misstatements in the financial statements.”
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