Chapter_2 (Audit Reports) Notes

Chapter_2 (Audit Reports) Notes - ACCY 360/560 Assurance...

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ACCY 360/560 Assurance Services Introduction to "Audit Reports" Chapter #2 I. Recall the Standards of Reporting of GAAS (“GCDO”) that affect the auditor’s reporting language II. Standard “unqualified” report (see the sample reports: one in paragraph form & the other by sentences) means that the financial statements are fairly stated, without reservation STANDARD UNQUALIFIED AUDITOR'S REPORT Independent Auditor's Report To the Board of Directors and Stockholders XYZ Company We have audited the balance sheets of XYZ Company at December 31, 20X2 and 20X1, and the related statements of income, retained earnings, and cash flows for the years then ended. These financial statements are the responsibility of the Company's management. Our responsibility is to express an opinion on these financial statements based on our audits. We conducted our audits in accordance with auditing standards generally accepted in the United States of America. Those standards require that we plan and
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