Financial statements which are fairly presented meet all of the following guide lines EXCEPT: 

Generally accepted accounting principles are used. 

Financial statements reflect underlying transactions and events in a way that facilities the presentation of the financial position, results of operations, and cash flows. 

Ensuring that staff auditors are qualified to perform their assignments and verifying that audit working papers adequately support audit findings, conclusions, and recommendations. 

Financial statements classify and summarize information in a reasonable manner