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AuditReportsChapter3AssociationwithF/S AuditorshavetoissueareportwhenassociatedwithF/Sshowing:Whatservices,ifany,wereperformed.Levelofresponsibility,ifany.Associationoccurswhen:F/Sareonauditor’sletterheadProducedbyaccountant’scomputerF/Sstatethattheyaretheauditors.LevelsofAssurancePositiveassurance-factualstatementofauditorsopinion;F/SareGAAP.UsedforF/Saudits.NegativeAssurance-basedonourreview,wearenotawareofanymaterialmodifications.Usedforreviews.Noassurance-disclaimerofopinion,noopinionatall.Usedforcompilations.AssuranceF/SAudits
Anauditor'sopiniononfinancialstatementsisanexplicitstatementoftheauditor'sconclusion.Allreportsexceptdisclaimerarepositiveassurance.Examplesofpositiveassurancereports:UnqualifiedQualifiedAdverseNegativeAssuranceNegativeassuranceisastatementthattheauditorisnotawareofanymaterialdeparturesfromGAAPToweakofaconclusionforanauditUsedinreviews,letterstounderwritersandreviewsofinterimfinancialstatements.PartsoftheStandard
UnqualifiedAuditReport1.Reporttitle2.Auditreportaddress3.Introductoryparagraph4.Scopeparagraph5.Opinionparagraph6.NameofCPAfirm7.AuditreportdateConditionsforStandard
UnqualifiedAuditReport1.Allfinancialstatementsareincluded.2.Thethreegeneralstandardshavebeen followedinallrespectsontheengagement.3.Sufficientevidencehasbeenaccumulated toconcludethatthethreestandardsof fieldworkhavebeenmet.ConditionsforStandard
UnqualifiedAuditReport4.Thefinancialstatementsarepresentedin accordancewithgenerallyaccepted accountingprinciples.5.Therearenocircumstancesrequiringthe additionofanexplanatoryparagraphor modificationofthewordingofthereport.FourCategories
ofAuditReportsStandardunqualifiedUnqualifiedwithexplanatoryparagraphormodifiedwordingQualifiedAdverseordisclaimerComponentsofAuditors’ReportThreeparagraphsIntroductoryScopeOpinionIntroductoryParagraphDefinesassociation,objectandresponsibilitiesofserviceWehaveauditedtheaccompanyingconsolidatedbalancesheetsofXYZCorpasofDecember31,2001and2000andtherelatedstatementsofincome,cashflowsandshareholders’equityforeachofthethreeyearsintheperiodending2001.Thefinancialstatementsaretheresponsibilityofmanagement.Ourresponsibilityistoexpressanopiniononthesefinancialstatementsbasedonouraudits.ObjectofAuditTheBalanceSheetIncomestatementCashFlowStatementFootnotedisclosuresandadditionalinformationlikeEPSThesupportingrecordsarenottheobjectoftheaudit.ScopeParagraphDefineswhatanauditis.WeconductedourauditsinaccordancewithGAAS.Thosestandardsrequirethatweplanandperformtheaudittoobtainreasonableassuranceaboutwhetherthefinancialstatementsarefreeofmaterialmisstatement.ScopeParagraphCont.Anauditincludesexamining,onatestbasis,evidencesupportingtheamountsanddisclosuresinthefinancialstatements.Anauditalsoincludesassessingtheaccountingprinciplesusedandsignificantestimatesmadebymanagement,aswellasevaluatingtheoverallfinancialstatementpresentation.Webelieveourauditsprovideareasonablebasisforouropinion.
AuditedaccordingtoGAASMeansthatthegeneralandfieldworkstandardsofqualitywereadheredtoinconductingthisaudit.Thereportingstandardsareguidelinesforthereportexpression.OpinionParagraphContainstheauditor’sconclusionInouropinion,thefinancialstatementsreferredtoabovepresentfairly,inallmaterialrespects,thefinancialpositionofXYZcorp.asofDecember31,2001and2000andtheresultsoftheiroperationsandcashflowsforeachofthethreeyearsintheperiodendedDecember31,2001,inconformitywithU.S.GAAP.ReportingStandardsF/SareinconformitywithGAAPIdentifiesanychangesinconsistencyIdentifiesanyinadequatedisclosures.ExpressanopinionandidentifiesanyreasonsforopinionsotherthanunqualifiedAuditorsAssuranceofGAAPFinancialStatementsare:InaccordancewithGAAPAccountingprinciplesareappropriateforcircumstancesInformativefortheirusetheclassificationsareneithertocondensedortoodetailedAccuratewithinpracticallimitsofmaterialityAdequatelydisclosedandconsistentTypesofReportsUnqualifiedorclean-noproblems,everythingwasauditedandconformedtoGAAP.UnqualifiedwithanexplanatoryparagraphQualified-everythingOKexceptforaspecificitemoritems.Adverse-notinconformitywithGAAPDisclaimer-NoopinionUnqualifiedReport
withExplanation1.Lackofconsistentapplicationofgenerally acceptedaccountingprinciples.2.Substantialdoubtaboutgoingconcern.3.Auditoragreeswithadeparturefrom promulgatedaccountingprinciples.4.Emphasisofamatter.5.Reportsinvolvingotherauditors.Consistencyversus
ComparabilityChangesthataffectconsistencyandrequireanexplanatoryparagraphiftheyarematerial:1.Changesinaccountingprinciples2.Changesinreportingentities3.CorrectionsoferrorsinvolvingprinciplesConsistencyversus
ComparabilityChangesthataffectcomparabilitybutnotconsistency:1.Changesinanestimate2.Errorcorrectionsnotinvolvingprinciples3.Variationsinformatandpresentationoffinancialinformation4.ChangesbecauseofsubstantiallydifferenttransactionsoreventsSubstantialDoubt
aboutGoingConcern1.Significantrecurringoperatinglossesorworkingcapitaldeficiencies2.Inabilityofthecompanytopayits obligationsastheycomedue3.Lossofmajorcustomers,theoccurrence ofuninsuredcatastrophes4.Legalproceedings,legislation,thatmight jeopardizetheentity’sabilitytooperateReportsforClient’swithGoingconcernissuesUnqualifiedwithanexplanatoryparagraphusingthewordssubstantialdoubtandgoingconcern.DisclaimerbecauseofmassivegoingconcernissuesAdverseorqualifiedifdisclosureofproblemsisinadequateQualified–Someoftheevidenceisnotadequateorunavailable.AuditorAgreeswithaDeparture
fromaPromulgatedPrincipleTheauditormustbesatisfiedandmuststateandexplain,inaseparateparagraphorparagraphsintheauditreport,thatadheringtotheprinciplewouldhaveproducedamisleadingresultinthatsituation.EmphasisonaMatterUndercertaincircumstances,theCPAmaywanttoemphasizespecificmattersregardingthefinancialstatements,eventhoughtheCPAintendstoexpressanunqualifiedopinion.ReportsInvolving
OtherAuditors1.Makenoreferenceintheauditreport.3.Qualifytheopinion.2.Makereferenceinthereport (modifiedwordingreport).Departuresfroman
UnqualifiedOpinion1.Scopelimitation2.GAAPdeparture3.AuditornotindependentQualifiedOpinionAqualifiedopinionreportcanresultfromalimitationonthescopeoftheauditorfailuretofollowgenerallyacceptedaccountingprinciples.AdverseOpinionItisusedonlywhentheauditorbelievesthattheoverallfinancialstatementsaresomateriallymisstatedormisleadingthattheydonotpresentfairlythefinancialpositionorresultsofoperationsandcashflowsinconformitywithGAAP.DisclaimerofOpinionItisissuedwhentheauditorisunabletobesatisfiedthattheoverallfinancialstatementsarefairlypresented.MaterialityAmisstatementinthefinancialstatementscanbeconsideredmaterialifknowledgeofthemisstatementwouldaffectadecisionofareasonableuserofthestatements.LevelsofMaterialityAmountsareimmaterial.Amountsarematerialbutdonotovershadowthefinancialstatementsasawhole.Amountsaresomaterialorsopervasivethatoverallfairnessofthestatementsisinquestion.
RelationshipofMateriality
toTypeofOpinionMaterialityLevelSignificanceinTermsofReasonableUsers’DecisionsTypeofOpinionUsers’decisionsareunlikelytobeaffected.Users’decisionsarelikelytobeaffected.Users’decisionsarelikelytobesignificantlyaffected.ImmaterialMaterialHighlyMaterialUnqualifiedQualifiedDisclaimerorAdverseMaterialityDecisionsFailuretofollowGAAPAuditreportUnqualifiedQualifiedopiniononlyAdverseMaterialityDecisionsScopelimitationAuditreportUnqualifiedQualifiedscopeandopinionDisclaimerMaterialityDecisionsDollaramountcomparedwithabaseMeasurabilityNatureoftheitemDiscussionofConditions
RequiringDepartureAuditor’sscopehasbeenrestricted.StatementsarenotinconformitywithGAAP.Auditorisnotindependent.ScopeRestrictedby
ClientorConditionsImmaterialMaterialLevelofMaterialityExtremelyMaterialUnqualifiedreportQualifiedscope,additionalparagraph,andqualifiedopinion(exceptfor)DisclaimerofopinionScopeLimitationsScopelimitationisalimitationontheauditorbeingabletoperformallnecessaryauditprocedures.Examples:Hiredaftertheyearend,couldnotobserveyearendinventoryphysicalcount.Recordsdestroyedbyfire.Clientdoesnotallowaccesstoallrecords.QualifiedforScopeLimitationModifythescopeandopinionparagraphtoincludethelanguage'exceptfor'theareathatwasnotabletobeauditedAnexplanatoryparagraphisaddeddetailingthelimitation.Qualified-takeresponsibilityforthefinancialstatementsexceptfortheitemsexplained.
ADisclaimerforScope
Limitation'Wewereengagedtoaudit'insteadofthestandardreportintroduction'Wehaveaudited...’Theresponsibilityforanopinionisomitted.Thescopeparagraphisomittedbecauseanauditwasnotperformed.Anexplanatoryparagraphisaddedtodescribethelimitation.Noopinionisexpressed-becauseofthescopelimitationStatementsNotPreparedin
AccordanceWithGAAPImmaterialMaterialLevelofMaterialityExtremelyMaterialUnqualifiedreportAdditionalparagraphandqualifiedopinion(exceptfor)AdverseopinionEvidenceforGAAPDeparture
Foranunqualified,aqualifiedoradverseopinionrelatedtoadeparturefromGAAP,fullysufficientcompetentevidenceisrequiredbecauseafullauditwasperformed.Therewerenorestrictionsongatheringevidence.Auditorisstillperformingafullauditandthereforstillrequiresfullevidence.DisclaimersforGAAPDepartures?CanadisclaimerberenderedforadeparturefromGAAP?No,becauseafullaudithasbeenperformedandourdutyasanauditoristorenderanopinion.ReportModificationsforGAAPDeparture-QualifiedStandardIntroductoryandScopeparagraphExplanatoryparagraphaddeddetailingGAAPdepartureOpinionparagraphmodifiedusing“exceptfortheproblemidentifiedabove”theF/SarefairlypresentedaccordingtoGAAPReportModificationsforGAAPDeparture-AdverseStandardintroductoryandscopeparagraphExplanatoryparagraphdetailingextentofGAAPdepartureOpinion–doesnotfairlypresentinaccordancewithGAAPTheAuditorIsNot
IndependentImmaterialMaterialLevelofMaterialityExtremelyMaterialDisclaimerofopinion(regardlessofmateriality)DisclaimerReportsAssumesnoresponsibilityforthefinancialstatements.Usedfor:SupermaterialscopelimitationsWhenanauditorlacksindependencefromtheclientServiceslessthananauditareperformed.
DisclaimerforUnauditedFinancialStatementsUnauditedfinancialstatementsarethosethatanauditorhasnotperforme
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