If the client refuses the auditor issues an opinion

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Unformatted text preview: ting is often referred to in practice as the “404 audit” in reference to Section 404 of the Sarbanes-Oxley Act. 26/05/11 9:24 PM Confirming Pages 22 Part 1 LO 9 Comprehensive Procedures Introduction to Assurance and Financial Statement Auditing Evaluate Results and Issue Audit Report The final phase in the audit process is to evaluate results and choose the appropriate audit report to issue. The auditor’s report, also known as the audit opinion, is the main product or output of the audit. Just as the report of a house inspector communicates the inspector’s findings to a prospective buyer, the audit report communicates the auditor’s findings to the users of the financial statements. At the completion of the audit work, the auditor determines if the preliminary assessments of risks were appropriate in light of the evidence collected and whether sufficient evidence was obtained. The auditor then aggregates the total uncorrected misstatements that were detected and determines if they cause the financial statements to be materially misstated. If the uncorrected...
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