Mich. Admin. Code R. 445.507 - Certified public accountant's opinion

Rule 507. The certified public accountant's opinion shall comply with the following requirements:

(a) The opinion filed with the administrator shall be dated and manually signed, and shall identify the financial statement covered by the opinion.

(b) The opinion shall state whether the audit was made in accordance with generally accepted auditing standards, and shall disclose auditing procedures generally recognized as normal or deemed necessary under the circumstances of the particular case which have been omitted, and the reasons for the omission.

(c) The opinion shall state clearly:

(i) The opinion of the accountant with respect to the financial statement covered by the report and the accounting principles and practices reflected therein.

(ii) The opinion of the accountant as to any changes in accounting principles or practices which have a material effect on the financial statement.

(d) The opinion shall state, specifically and clearly, matters to which the accountant takes exception, and, to the extent practicable, the effect of each exception on the related financial statement, given either in the auditor's opinion or in a footnote to the financial statement.

Notes

Mich. Admin. Code R. 445.507

1979 AC