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Chapter 3 – Audit Reports

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37 pages
Audit ReportsChapter 3©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 1Learning Objective 1Describe the parts of the standardunqualified audit report.©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 2Parts of the StandardUnqualified Audit Report1. Report title2. Audit report address3. Introductory paragraph4. Scope paragraph5. Opinion paragraph6. Name of CPA firm7. Audit report date©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 3Learning Objective 2Specify the conditions requiredto issue the standard unqualifiedaudit report.©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 4Conditions for StandardUnqualified Audit Report1. All financial statements are included.2. The three general standards have beenfollowed in all respects on the engagement.3. Sufficient evidence has been accumulatedto conclude that the three standards offield work have been met.©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 5Conditions for StandardUnqualified Audit Report4. The financial statements are presented inaccordance with generally acceptedaccounting principles.5. There are no circumstances requiring theaddition of an explanatory paragraph ormodification of the wording of the report.©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 6Four Categories of Audit Reports1. ...
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Audit Reports
Chapter 3
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 1Learning Objective 1
Describe the parts of the standard
unqualified audit report.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 2Parts of the Standard
Unqualified Audit Report
1. Report title
2. Audit report address
3. Introductory paragraph
4. Scope paragraph
5. Opinion paragraph
6. Name of CPA firm
7. Audit report date
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 3Learning Objective 2
Specify the conditions required
to issue the standard unqualified
audit report.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 4Conditions for Standard
Unqualified Audit Report
1. All financial statements are included.
2. The three general standards have been
followed in all respects on the engagement.
3. Sufficient evidence has been accumulated
to conclude that the three standards of
field work have been met.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 5Conditions for Standard
Unqualified Audit Report
4. The financial statements are presented in
accordance with generally accepted
accounting principles.
5. There are no circumstances requiring the
addition of an explanatory paragraph or
modification of the wording of the report.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 6Four Categories of Audit
Reports
1. Standard unqualified
2. Unqualified with explanatory paragraph
or modified wording
3. Qualified
4. Adverse or disclaimer
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 7Learning Objective 3
Understand combined reporting
on financial statements and
internal control over financial
reporting under Section 404 of
the Sarbanes-Oxley Act.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 8Sarbanes-Oxley Act
This Act requires the auditor of a public
company to attest to management’s
report on the effectiveness of internal
control over financial reporting.
PCAOB Auditing Standard 2 requires
the audit of internal control to be integrated
with the audit of the financial statements.
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 9Sarbanes-Oxley Act
Combined Report on Financial Statements and
Internal Control Over Financial Reporting
1. Introductory paragraph
2. Scope paragraph
3. Definition paragraph
4. Inherent limitations paragraph
5. Opinion paragraph
©2008 Prentice Hall Business Publishing, Auditing 12/e, Arens/Beasley/Elder 3 - 10

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