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hich is more in line with the work auditors were performing. The American Institute of Accountant felt that the previous term was misleading because it was expressing more than the auditors opinion about the statements. For the first time, the term “fairly present” was used in the auditor report. This represented a move from the idea that the statements being audited were completely correct. This new wording better communicated the responsibilities of the auditors in the process of auditing financial statements. With stockholders wanting more information about what was done in the audit process, a second paragraph was for the first time added to the opinion. The new paragraph added a scope to the opinion segment.

We have made an examination of the balance sheet of the XYZ Company as of December 31, 1933, and of the statement of income and surplus for the year 1933. In connection therewith, we examined or tested accounting records accounting records of the company and other supporting evidence and obtained information and explanations from officers and employees of the company; we also made a general review of the accounting methods and of the operating and income accounts for the year, but we did not make a detailed audit of the transactions.

In our opinion, based upon such examination, the accompanying balance sheet and related statements of income and surplus fairly present, in accordance with accepted principles of accounting consistently maintained by the company during the year under review, its position at December 31, 1933, and the results of its operations for the year。

The Statement on auditing procedure (SAP) No. 1 titled “Extension of Auditing Procedure” will bring significant changes in 1939. The changes to the auditor report opinion in 1939 were significant because many of the changes still on today’s report. Changes that were introduced in 1939 resulted from the removal and the introduction of new words and terms. The most noticeable change was in the opinion paragraph which now included the term “in conformity with generally accepted accounting principles”. Another significant addition in 1939 was the introduction of the word “consistency” in the opinion paragraph. With SAP No. 1, the scope paragraph states that the “auditors have reviewed the system of internal control” and the scope paragraph no longer mentioned “obtaining information from officers and employees”.

We have examined the balance sheet of the ABC Company as of December 31, 1939, and the statements of income and surplus for the fiscal year then ended; have reviewed the system of internal control and the accounting procedures of the company, and, without making a detailed audit of the transactions, have examined or tested accounting records of the company and other supporting evidence by methods and to the extent we deemed appropriate.  

In our opinion, the accompanying balance sheet and related statements of income and surplus present fairly the position of the ABC Company at December 31, 1939, and the results of its operations for the fiscal year, in conformity with generally accepted accounting principles applied on a basis consistent with that of the preceding year.

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