Q:

Under the AICPA Code of Professional Conduct a CPA may express an unqualified opinion on financial statements that contain a material departure from promulgated GAAP :

Ibrahimhamm
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2022-07-05
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Under the AICPA Code of Professional Conduct a CPA may express an unqualified opinion on financial statements that contain a material departure from promulgated GAAP :

  1. when the auditor has a bona fide theoretical disagreement with an accounting standard promulgated by the FASB.
  2. when there are conflicting industry practices.
  3. if the auditor can demonstrate that due to unusual circumstances the financial statements would otherwise be misleading.
  4. under no circumstances.
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Ibrahimhamm
2022-07-05
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C. if the auditor can demonstrate that due to unusual circumstances the financial statements would otherwise be misleading.

Explanation: The exception to Rule 203 allows an unqualified opinion to be issued under these circumstances and requires the auditor to mention the departure from GAAP in the audit report and note her or his concurrence with the departure.

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