Chapter 03 Slides

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Unformatted text preview: 3 - 1 Click to edit Master subtitle style ACCT 4510/5510 3 - 1 Audit Reports Chapter 3 ACCT 4510/5510 3 - 2 ACCT 4510/5510 Parts of the Standard Unqualified Audit Report ACCT 4510/5510 1. Report title 2. Audit report address 3. I ntroductory paragraph 4. Scope paragraph 5. Opinion paragraph 6. Name of CPA firm 7. Audit report date 3 - 3 ACCT 4510/5510 Five Conditions for Standard Unqualified Audit Report ACCT 4510/5510 1. All financial statements are included. 2. The three general standards have been followed in all respects on the engagement. 3. Sufficient evidence has been accumulated to conclude that the three standards of field work have been met. 3 - 4 ACCT 4510/5510 Conditions for Standard Unqualified Audit Report ACCT 4510/5510 4. The financial statements are presented in accordance with generally accepted accounting principles . 5. There are no circumstances requiring the addition of an explanatory paragraph or modification of the wording of the report. 3 - 5 ACCT 4510/5510 Four Categories of Audit Reports ACCT 4510/5510 1. Standard unqualified 3. Qualified 2. Unqualified with explanatory paragraph or modified wording 4. Adverse or disclaimer 3 - 6 ACCT 4510/5510 Reporting on Internal Control over Financial Reporting ACCT 4510/5510 Auditors of public companies subject to Section 404 of the Sarbanes-Oxley Act must report on the effectiveness of internal control over financial reporting. PCAOB Auditing Standard 5 requires the audit of internal control to be integrated with the audit of the financial statements. 3 - 7 ACCT 4510/5510 Sarbanes-Oxley Act ACCT 4510/5510 Separ ate Repor t on Financial Statements and...
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This note was uploaded on 04/11/2010 for the course ACCT 4510 taught by Professor Lord during the Spring '10 term at Bowling Green.

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Chapter 03 Slides - 3 - 1 Click to edit Master subtitle...

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