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After reading the material in this chapter, you should be able to: Understand the various components of the standard unqualified financial statement audit report, know the situations that result in the addition of explanatory language to the standard unqualified audit report, be able to explain the conditions that lead to a departure from the standard unqualified/unmodified audit report,. | Chapter 18 Reports on Audited Financial Statements McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Reporting on the Financial Statement Audit: The Standard Unqualified Report The standard unqualified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with PCAOB standards, and the financial statements conform to GAAP. Eight Elements Report title Addressee Introductory paragraph Scope paragraph Opinion paragraph Explanatory paragraph referring to the audit of ICFR Name of auditor Audit report date LO# 1 18- Reporting on the Financial Statement Audit: The Standard Unmodified Report The standard unmodified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with GAAS, and the financial statements conform to GAAP. Nine Elements Report title Addressee Introductory paragraph Management’sresponsibility Auditor’s responsibility Scope paragraph Opinion paragraph Name of Auditor Audit report date LO# 1 18- Adjustments to the Standard Unqualified/Unmodified Financial Statement Audit Report Modified Wording: Opinion based in part on the report of another auditor Explanatory Paragraph: Reference to report on audit of ICFR Explanatory Paragraph: Lack of consistency Explanatory Paragraph: Additional emphasis LO# 2 Explanatory Paragraph: Going concern 18- Conditions for Departure from Unqualified/Unmodified Report Scope Limitation Departure from GAAP Lack of Auditor Independence LO# 3 18- Departures from an Unqualified/Unmodified Financial Statement Audit Report Qualified “except for” Disclaimer Adverse LO# 4 18- LO# 5 Effect of Materiality 18- Special Reporting Issues Different reports on comparative financial statements Change in report on prior-period financial statements Report by a predecessor auditor LO# 6 18- Report by a Predecessor Auditor The predecessor auditor should do the . | Chapter 18 Reports on Audited Financial Statements McGraw-Hill/Irwin Copyright © 2012 by The McGraw-Hill Companies, Inc. All rights reserved. Reporting on the Financial Statement Audit: The Standard Unqualified Report The standard unqualified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with PCAOB standards, and the financial statements conform to GAAP. Eight Elements Report title Addressee Introductory paragraph Scope paragraph Opinion paragraph Explanatory paragraph referring to the audit of ICFR Name of auditor Audit report date LO# 1 18- Reporting on the Financial Statement Audit: The Standard Unmodified Report The standard unmodified report is issued when the auditor has gathered sufficient evidence, the audit has been performed in accordance with GAAS, and the financial statements conform to GAAP. Nine Elements Report title Addressee Introductory paragraph Management’sresponsibility Auditor’s responsibility .
