Week 3 - DQ 3 - What information is provided in the auditors' report

Week 3 - DQ 3 - What information is provided in the auditors' report

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Week 3 – DQ 3 What information is provided in the auditors’ report? Response #1 The auditors’ report usually consists of three paragraphs. The first paragraph includes information of the responsibilities of the directors and auditors. The second paragraph is called the scope which describes the purpose of the audit and states that GAAP have been used. The three paragraph provides information of the auditor’s opinion as to if they feel the statements provided are accurate. Auditor’s have ethical guidelines that must be followed however there are no guarantees with their reports. Response #2 The standards that are required in an auditor’s report include four sections. The first section states if the financial statements follow GAAP guidelines. The second section identifies if there are situations where the GAAP guidelines were not followed in a particular period. The third section needs to justify the information in the disclosures in the financial statements as reasonably accurate, and the fourth section states the opinion of the auditor concerning the
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This note was uploaded on 04/04/2012 for the course ACC 422 taught by Professor Susan during the Spring '08 term at University of Phoenix.

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