StudentShare solutions
Got a tricky question? Receive an answer from students like you! Try us!

Essay example - Audit Reports

Only on StudentShare
Pages 5 (1255 words)
Audit reports do not merely bring out the results of auditing of financial statements or other type of examinations, but these reports also provide opportunities for auditors to express opinion on such audit examinations. This write up conveys the meaning of audit reports…

Extract of sample

Audit Report on financial statements of an entity is normally an independent auditor's report. Internal auditors also submit reports on assessment of internal controls installed by entities voluntarily or as statutory compliances.
Audit report carries the results of audit examination conducted with in a framework in shape of opinion formed by auditors on such audit examinations. Auditing opinions formed and conveyed through audit reporting may be classified into four categories, namely an unqualified opinion, a qualified opinion, adverse Opinion, and disclaimer of an opinion. Unqualified Opinion expresses that financial statements are presented in accordance with requirement of GAAP. A qualified opinion conveys that financial statements present the financial position, financial results, and cash flow of the entity of the prescribed period in accordance with GAAP except for the matter or matters on which the report is qualified. Adverse Opinion on an audit report is provided when the financial statements do not present financial position, financial results and cash flows in accordance with applicable GAAP. Reports containing adverse opinion are issued when there are material departures from applicable GAAP in the presentations of financial statements. Some time an auditor is not in a position to form an opinion on the financial statement presentations. ...
Download paper
Not exactly what you need?

Related papers

Nike. Ethical Audit Report
Also the ethical implications related to the disclosure method adopted by Nike related to its Corporate Social Responsibility (CSR) stature is discussed in detail. The company Nike has responded in a professional manner to the many labor issues it has faced over a span of the past 10 years. A detailed audit related to the ethics of the business and possible changes which can make the company Nike…
9 pages (2259 words)
An Analysis and Review of West Virginia's Governmental Fund
However, the implementation of governmental programs and services depends primarily on the allocation of the fund to different sectors. On the other hand, the preparation of its financial statements is in accordance to the “generally accepted accounting principles (GAAP)” in the U.S (“Audited Financial Statements,” 2007, p. 15). While the necessities and nature of activities from various…
3 pages (753 words)
Audit Quality
The auditors are looked upon by the readers of the financial statements to give assurance that the data presented are free from MATERIAL errors or irregularities. The readers of the financial statements need the financial statements in order to help them in their decision making.…
10 pages (2510 words)
The Role of Audit Committee
The audit committee's role is equally important in both the private and public sector. The effectiveness of the audit committee, the various flaws and inconsistencies in their functions and theoretical underpinnings are all considered along with examples of corporate collapses due to audit committee faults.…
17 pages (4267 words)
Audit Strategy Report for Solid Bank Plc
The objective of this audit is to assess the risks to the Bank given the current economic environment in UK & the performance of the Bank and report to the board of directors. This audit strategy is first hand presentation and may be subject to change/modifications if deemed necessary during the audit process (proposed in accordance with the guidelines of ISA 300). This plan & all subsequent…
6 pages (1506 words)
Audit Theory and Practice
This requires of the auditor to issue a 'statement of independence' containing a number of declarations such as:…
8 pages (2008 words)