This preview shows page 1. Sign up to view the full content.
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...
View Full Document