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Flashcards in Report Deck (14)
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1
Q

Introductory Paragraph (1)

A

We audited the F/S of XYZ co - (what statements were they and for what dates/periods)

2
Q

Management’s Responsibilities Paragraph (2)

A

Responsible for fair presentation and preparation of F/S in accordance with GAAP free from MM. Also responsible for I/C.

3
Q

Auditor’s Responsibility Paragraph (1)

A
  • Express Opinion
  • Conduct audits per GAAS
  • Plan and perform audit to obtain reasonable assurance F/S free from MM
4
Q

Auditor’s Responsibility Paragraph (2) Scope

A
  • Audit procedures to obtain evidence
  • Procedurers based on judgement and risk of MM
  • Consideres I/C for purposes of expressing opinion about F/S not I/C
  • No opinion on I//c
  • Evaluate accounting principals & reasonableness of estimates
5
Q

Auditor’s Responsibility Paragraph (3)

A
  • Opinion
6
Q

Emphasis of matter

A

Paragraph explaining something that is important to understanding of F/S in auditor report

7
Q

Other matter

A

Paragraph about something not in F/S that is important to audit report

8
Q

Qualified opinion types

A

Qualified
Adverse
Disclaimer

Add basis for qualification paragraph to report

9
Q

Qualified reasons

A

Something not fairly stated or scope limit

10
Q

Adverse reasons

A

F/S not fairly stated - misstatements pervasive and material

11
Q

Disclaimer

A

not able to obtain sufficient reasonable evidence which could be material & pervasive

12
Q

Changes to report with “disclaimer”

A

Modify report Auditor Responsibility section - no opinion

13
Q

Consistency

A

Comparability between periods - affected by:

  • Change in Accting principal
  • Adj to correct previous MM
14
Q

Criteria for Change in Accting Principal

A
  • New principal appropriate to framework
  • Effects accounted for
  • Disclosure adequate
  • Justifiable reason for change

Yes = emphasis of matter paragraph