Regulation S-X
 
Rule 2-02
Accountants reports and attestation reports
a.
Technical requirements
for accountants' reports. 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 included in accountants' report. 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
in accountants' report. 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
identified in accountants' reports. 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 section
101 of the Codification of Financial Reporting Policies.)
e. Paragraph
(e) of this section applies only to registrants that are providing financial
statements in a filing for a period with respect to which Arthur Andersen
LLP or a foreign affiliate of Arthur Andersen LLP ("Andersen")
issued an accountants' report. Notwithstanding any other Commission rule
or regulation, a registrant that cannot obtain an accountants' report
that meets the technical requirements of paragraph (a) of this section
after reasonable efforts may include in the document a copy of the latest
signed and dated accountants' report issued by Andersen for such period
in satisfaction of that requirement, if prominent disclosure that the
report is a copy of the previously issued Andersen accountants' report
and that the report has not been reissued by Andersen is set forth on
such copy.
f. Attestation report on internal
control over financial reporting. Every registered public accounting
firm that issues or prepares an accountant's report for a registrant,
other than an investment company registered under section 8 of the
Investment Company Act of 1940 (15 U.S.C. 80a8), that is included in an
annual report required by section 13(a) or 15(d) of the Securities
Exchange Act of 1934 (15 U.S.C. 78a et seq. ) containing an assessment
by management of the effectiveness of the registrant's internal control
over financial reporting must clearly state the opinion of the
accountant, either unqualified or adverse, as to whether the registrant
maintained, in all material respects, effective internal control over
financial reporting, except in the rare circumstance of a scope
limitation that cannot be overcome by the registrant or the registered
public accounting firm which would result in the accounting firm
disclaiming an opinion. The attestation report on internal control over
financial reporting shall be dated, signed manually, identify the period
covered by the report and indicate that the accountant has audited the
effectiveness of internal control over financial reporting. The
attestation report on internal control over financial reporting may be
separate from the accountant's report.
g.
Attestation report on assessment of compliance with servicing criteria for
asset-backed securities. The attestation report on assessment of
compliance with servicing criteria for asset-backed securities, as required
by § 240.13a-18(c) or 240.15d-18(c) of this chapter, shall be dated, signed
manually, identify the period covered by the report and clearly state the
opinion of the registered public accounting firm as to whether the asserting
partys assessment of compliance with the servicing criteria is fairly
stated in all material respects, or must include an opinion to the effect
that an overall opinion cannot be expressed. If an overall opinion cannot be
expressed, explain why.
Regulatory History |
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37 FR 14594, July
21, 1972
41 FR 35479, Aug. 23, 1976
45 FR 63668, Sept. 25, 1980
50 FR 25215, June 18, 1985
67 FR 13518, 13533, Mar. 22, 2002
68 FR 36636, 36660, June 18, 2003
SEC Release 33-8518: 70 FR 1506, Jan. 7, 2005
72 FR 35321, June 27, 2007 |
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