Title | Components of Audit Opinion Letter |
---|---|
Author | Luiz Gustavo Elias |
Course | Auditing 1 |
Institution | British Columbia Institute of Technology |
Pages | 1 |
File Size | 55 KB |
File Type | |
Total Downloads | 97 |
Total Views | 132 |
Download Components of Audit Opinion Letter PDF
Key Components of the Standard / Unmodified Auditor’s Report • Format for audit report on financial statements governed by CAS 700 1. Title 2. Addressee 3. Introductory paragraph, identifying entity, states financial statements have been audited, identifies the title of each statement included in the complete financial statements, refers to summary of accounting policies and other notes, specifies the date and period covered by the financial statements 4. Management’s responsibility for the financial statements o Establishing and maintaining internal controls o Fair presentation of financial statements free from material misstatement o Accounting policies and estimates 5. Auditor’s responsibility for the financial statements o Express opinion based on audit o Compliance with generally accepted auditing standards o Provide reasonable assurance o Free from material misstatements o Depend on Auditor’s judgment o Consider internal controls relevant to F/S o Evaluating appropriateness of accounting policies o Evaluating the overall presentation o Audit evidence is sufficient and appropriate 6. Auditor’s opinion on whether the financial statements gives a true and fair view, or is presented fairly, in all material respects, in accordance with the applicable financial reporting framework 7. Other reporting responsibilities 8. Auditor’s signature, either firm name, or personal name depending on legislative requirements 9. Date of report 10. Auditor’s city, Country...