[Code of Federal Regulations]
[Title 17, Volume 2]
[Revised as of April 1, 2001]
From the U.S. Government Printing Office via GPO Access
[CITE: 17CFR210.2-02]

[Page 232-233]
 
              TITLE 17--COMMODITY AND SECURITIES EXCHANGES
 
             CHAPTER II--SECURITIES AND EXCHANGE COMMISSION
 
PART 210--FORM AND CONTENT OF AND REQUIREMENTS FOR FINANCIAL STATEMENTS,
 
Sec. 210.2-02  Accountants' reports.

    (a) Technical requirements. The accountant's report:
    (1) Shall be dated;
    (2) Shall be signed manually;
    (3) Shall indicate the city and State where issued; and
    (4) Shall identify without detailed enumeration the financial 
statements covered by the report.
    (b) Representations as to the audit. The accountant's report:
    (1) Shall state whether the audit was made in accordance with 
generally accepted auditing standards; and
    (2) Shall designate any auditing procedures deemed necessary by the 
accountant under the circumstances of the particular case, which have 
been omitted, and the reasons for their omission. Nothing in this rule 
shall be construed to imply authority for the omission of any procedure 
which independent accountants would ordinarily employ in the course of 
an audit made for the purpose of expressing the opinions required by 
paragraph (c) of this section.
    (c) Opinion to be expressed. The accountant's report shall state 
clearly:
    (1) The opinion of the accountant in respect of the financial 
statements covered by the report and the accounting principles and 
practices reflected therein; and
    (2) the opinion of the accountant as to the consistency of the 
application of the accounting principles, or as to any changes in such 
principles which have a material effect on the financial statements.
    (d) Exceptions. Any matters to which the accountant takes exception 
shall be clearly identified, the exception thereto specifically and 
clearly stated, and, to the extent practicable, the effect of each such 
exception on the related financial statements given. (See

[[Page 233]]

section 101 of the Codification of Financial Reporting Policies.)

[37 FR 14594, July 21, 1972, as amended at 41 FR 35479, Aug. 23, 1976; 
45 FR 63668, Sept. 25, 1980; 50 FR 25215, June 18, 1985]