Lorinzer Denning-ACC403-Wk2

Lorinzer Denning-ACC403-Wk2 - ACC403 Chapter 3: Wk2 3-2....

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ACC403 Chapter 3: Wk2 3-2. Seven Parts of a standard unqualified audit report: Report Title- It must have “Independent” in the title to state that the audit was unbiased. Audit report address- Must be addressed to the company, it stockholders or board of directors to indicate that the report is independent. Introductory paragraph-must have simple statement that the CPA firm had done an audit, list the financial statements that were audited, states that the statements are the responsibility of management and that the auditors’ responsibility is to communicate that management is responsible for selecting the appropriate GAAP and making measurement decisions and disclosures in applying those principles, clarifying the respective roles of management and the auditor. Scope paragraph- the factual statement about what the auditor did in the audit, first stating that the auditor followed U.S. GAAP standards. If it is a public company it would say that it followed standards of the Public Company Accounting Oversight board. Opinion paragraph-this is the final paragraph in this report.
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This note was uploaded on 07/13/2008 for the course ACCT 403/410 taught by Professor N/a during the Spring '08 term at Strayer.

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Lorinzer Denning-ACC403-Wk2 - ACC403 Chapter 3: Wk2 3-2....

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