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 partners 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.