the purpose and usefulness of standard audit report - Essay Example

Only on StudentShare

Extract of sample
the purpose and usefulness of standard audit report

Normally, audit reports presents the external review of the financial information of a company, conducted by an accounting firm and shareholders use it in assessing the financial health of a company. The Financial Reporting Council (FRC) in UK recommended for the enhancement of the responsibilities in financial reporting for the audit committees through publicizing of expanded reports. The auditor reporting entails coordinated structure that leverages the resources by IAASB (Boeckman et al. 2013, p. 76). A standard report summarizes an audit by the public accounting firm about the liquidity strength of a company. Auditing process entails comparison of the findings to internal audits to identify any discrepancies or errors involved therewith. When the audit is clean, standard audit report results. The standard audit report is the most used audit report, and it ensures that companies do not defraud the investors. Failure of the audit reports to conform to the acceptable standards in accounting creates apprehension amongst the shareholders of the company (Boeckman et al. 2013, p. 77). The corporate finance statements and other investors express the concerns on the usefulness of standard audit reports (SAR). ...
Download paper

Summary

Name: Tutor: Course: Date: University: The purpose and usefulness of standard audit report Introduction An audit report refers to the formal opinion or disclaimer, issued either by an independent external auditor or an internal auditor as a result of external or internal evaluation or audit performed, on legal entities or subdivision thereof…
Author : julescrona

Related Essays

Audit report III part: Apollo Shoes
4 pages (1004 words) Essay
Financial Statement / Audit Report Review
3 pages (753 words) Essay
The Audit Report and Internal Control Evaluation
3 pages (753 words) Essay
Usefulness of the annual report for investment decision making purposes
4 pages (1004 words) Essay
Audit
6 pages (1506 words) Essay
Financial statement/audit report review
3 pages (753 words) Essay
Audit report
6 pages (1506 words) Essay
Got a tricky question? Receive an answer from students like you! Try us!