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