AuditReports-handout

Auditing and Assurance Services

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Unformatted text preview: Audit Report Learning Objectives • Provide an overview of the role of management and the auditor in financial reporting. • Specify the conditions required to issue an unqualified audit report. • Describe the parts of the standard audit report. • List the major components of the auditors’ report on internal control over financial reporting. • Describe the five circumstances when an explanatory paragraph or modified wording is appropriate. • Identify the types of audit reports that can be issued when an unqualified opinion is not justified • Describe three general functions of the auditors’ report. Starting Questions • What is the goal of an audit of financial statements? • What are management’s financial reporting responsibilities? • What are the auditor’s responsibilities? What are the basic types of audit reports? Standard Unqualified (Clean) o Unqualified o Unqualified with explanatory paragraph or modified wording Qualified (Except For) Adverse Disclaimer Whe n is a n Unq ua lifie d O pinio n Appro pria te ?...
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This document was uploaded on 03/04/2012.

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AuditReports-handout - Audit Report Learning Objectives •...

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