Generally accepted accounting principles.

As An External User Of Accounting Information, What Meaning Would You Attach To An Audit That Concludes That The Financial Statement Are Fairly Presented In Conformity With Generally Accepted Accounting Principles?

• Answer:

  This is a typical boiler plate statement that means that the person(s) performing the review, compilation, or audit have found no significant defects in that would prevent the presentation according to generally accepted accounting principles.   This means the data presented in that financial statement complies with GAAP if you are a US based business being audited by public accountants.  Congratulations !!!