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Arthur Andersen & Co. and the two†part opinion in the auditor's report: 1946–1962

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  • STEPHEN A. ZEFF

Abstract

. This paper constitutes a historical study of the roots of the decision by Arthur Andersen & Co. in 1946 to adopt a two†part auditor's opinion for all of its engagements, and of its eventual decision in 1962 to return to the standard form of the auditor's report. The essence of the two†part opinion was to decouple the auditor's opinion on fairness of presentation from the opinion on conformity with generally accepted accounting principles. The paper also treats the factors that prompted the Canadian Institute of Chartered Accountants to adopt a two†part opinion, and the reasons why it opted to return to the single†opinion format in 1976. Résumé. L'auteur retrace l'historique de la décision prise en 1946 par Arthur Andersen & Cie de présenter l'opinion du verificateur en deux volets dans toutes ses missions, et de sa décision ultérieure, en 1962, de ramener le rapport du vérificateur à sa forme standard. Le choix de l'opinion en deux volets reposait sur l'intention de distinguer l'opinion du vérificateur quant à la fidélité avec laquelle est présentée l'information de l'opinion du vérificateur relative au respect des principes comptables généralement reconnus. L'auteur traite également des facteurs qui ont amené l'Institut Canadien des Comptables Agréés à adopter l'opinion en deux volets, et des raisons pour lesquelles il a choisi de rétablir l'opinion unique en 1976.

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  • Stephen A. Zeff, 1992. "Arthur Andersen & Co. and the two†part opinion in the auditor's report: 1946–1962," Contemporary Accounting Research, John Wiley & Sons, vol. 8(2), pages 443-467, March.
    • Handle: RePEc:wly:coacre:v:8:y:1992:i:2:p:443-467
    DOI: 10.1111/j.1911-3846.1992.tb00854.x
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    1. Moonitz, M, 1966. "Some Reflections On Investment Credit Experience," Journal of Accounting Research, Wiley Blackwell, vol. 4(1), pages 47-61.
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