Overview of Auditors report

Question 1

OLD STANDARDS- STANDARD unqualified audit report

A. Introductory Para
1. identify entity’s financial stmnts, 2. “ managements responsibilties, 3. “ auditor’s responsb

B. Scope Para
1.audit in accrdnce with GAAS 2. reasonable assurance, 3. evidence on a test basis 4. accntng principles and significant estimates

C. Opinion Para
financial stmnt in conformity with GAAP

Answer 1

CURRENT/UNMODIFIED AUDIT REPORT 4 Main Sections

A. identifies nature of engagemnt and financial stmnts

B. Managers resp for financial stmnt + internal control

C. Auditors responsb. -

1. opinion, audit in accordance to GAAS, reasonable assurance
2. amounts & disclosure on audit evidence, assesment of risks and material misstatements, internal control with risk, no such opinions, acctng policies and reasonableness of estimates
3. auditors belief (expression of opinion)

D. Opinion

Question 2

** how does an auditor make represntation when issuing stnd auditors report on comparative fincl statmnts?

Answer 2

-Explicitly
Reports explicitly states that evidence is obtained and examined
+
-Implicitly
acctng policies have been consistently applied