Other types of reports are available to the auditor

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Unformatted text preview: roviding the audit and with the date of the report. 26/05/11 9:24 PM Confirming Pages 24 Part 1 Introduction to Assurance and Financial Statement Auditing The audit report date indicates the last day of the auditor’s responsibility for the review of significant events that have occurred after the date of the financial statements. Other Types of Audit Reports For an audit report to be unqualified, the audit must be done in accordance with applicable standards, the auditor must be independent, there must be no significant limitations imposed on the auditor’s procedures, and the client’s financial statements must be free of material departures from GAAP. If any one of these conditions is not met, the auditor issues a report that appropriately conveys to the reader the nature of the report and the reasons why the report is not unqualified. For example, suppose a client’s financial statements contain a misstatement that the auditor considers material and the client refuses to correct the misstatement. The auditor will likely qualify the report, explaining that the financial statements are fairly stated except for the...
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This note was uploaded on 12/08/2012 for the course ACCT 564 at Washington University in St. Louis.

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