Section 445.507. Certified public accountant's opinion.

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.

History: 1979 AC.