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Auditing SP 2008 Ch 3 Outline

Auditing and Assurance Services (12th Edition)

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CHAPTER 3 AUDIT REPORTS A Standard Report is an unqualified report! See PG 47 Combined report reporting on I/C as req by Sarbanes-Oxley PG 50 Page 48 when a std report is issued****** Parts of the standard report: Report title Address Introductory paragraph Scope Opinion Firm name Report date (Completed audit procedures in the field incl search for unrec liab). See Page 49 Four Categories of Audit Reports Figure 3-2 A Standard Report with and explanatory language if: 1. A change in accounting principle (Lack of consistency)
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Unformatted text preview: 2. Going Concern Issue 3. Emphasis of a matter 4. Reports involving other auditors Other types of opinions: Qualified – EXCEPT FOR the effects of a matter otherwise the F/S are in accordance with GAAP. Adverse – Not in accordance with GAAP Disclaimer – auditor does not express an opinion VARIANCE GAAP DEPARTURE SCOPE LIMITATION Immaterial Unqualified Unqualified Material Qualified Qualified Highly Material Adverse Disclaimer...
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