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Reports on Audited Financial Statements

Upon completion of this chapter you will

  1. Understand the various components of the standard unqualified financial statement audit report.
  2. Know the situations that result in the addition of explanatory language to the standard unqualified audit report.
  3. Be able to explain the conditions that lead to a departure from the standard unqualified/unmodified audit report.
  4. Know the types of financial statement audit reports other than unqualified/unmodified.
  5. Be able to explain the effect of materiality on the auditor's choice of audit reports.
  6. Understand the situations that may cause different types of reports on comparative financial statements.
  7. Know the auditor's responsibility for other information in documents containing audited financial statements.
  8. Understand the auditor's reporting responsibility for financial statements prepared on a basis other than GAAP.
  9. Understand the auditor's responsibility for reporting on specified elements, accounts, or items of a financial statement.
  10. Understand the auditor's reporting responsibility for compliance with contractual agreements or regulatory requirements related to financial statements.

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