The auditor's report is the primary source of information for a bank loan officer concerned with the integrity of a potential client's financial statements. Recently, the auditing standards board of the American Institute of CPAs established new wording and reporting requirements in the standard report for companies that change accounting principles -- among other changes in reporting on audited financial statements. The ASB modified the long-lived standard report wording to which the U.S. financial community had grown accustomed.

One hundred and ninety-nine randomly selected bank loan officers from across the United States participated in a mail survey designed to assess the impact of the new report and consistency reporting requirements on commercial loan officers' decisions.

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Copyright © 1990 American Institute of Certified Public Accountants. This article first appeared in Journal of Accountancy, April 1990, 50-51.

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