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Discuss the following regarding non-GAAP financial measures used in publicly held companies’ reports filed with the...

Discuss the following regarding non-GAAP financial measures used in publicly held companies’ reports filed with the SEC. Don’t just give a short answer but have a discussion on each question:

  1. What is the auditor’s responsibility in giving their opinions on financial statements that are included in the annual reports filed with the SEC when non-GAAP financial measures are disclosed in these reports?
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Answer #1

The auditor is responsible for ensuring that the use of Non GAAP measures is prudent in a particular scenario and that the measures do not contain an untrue statement of material fact. The auditor is also responsible for checking whether the reporting of any specific financial measure in accordance with GAAP is more suitable and in the interest of full disclosure rather than Non GAAP.

The auditor's opinion should quantify the impact of Non GAAP measures on the financial statements as opposed to GAAP and whether these practices are in line with SEC regulations.

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