express an opinion. The accountant's report will indicate that the accountants are not aware of any material modifications that should be made to the financial statements in order for them to be in conformity with GAAP; or the report will indicate departures from GAAP. A departure from GAAP may result from using one or more accounting principles without reasonable justification, the omission of necessary note disclosures, or the omission of the statement of cash flows. Sometimes financial statements are presented without an accompanying accountant's report. This means that the statements have not been audited, reviewed, or compiled. [Choose ] Review These financial statements are solely the representation of management (Internally prepared). The auditor's report Compilation Audit In this type of financial statements, an Audit auditor (certified public accountant) conducts an independent examination of the accounting information presented by the business and issues a report thereon. This report is the formal statement of the auditor's opinion of the financial statements after conducting an audit. These financial statements are