Explore BrainMass

Auditor Reports, Evaluations and Finalizing

What are the steps that are required for an auditor to finalize the audit? Which steps are the most crucial to the outcome of the audit? How will these steps affect the final audit decision?

What other types of engagements are auditors involved in besides auditing? What are the other types of reports that auditors will issue? What types of responsibilities does the auditor assume in these engagements?

What is meant by the evaluation of a client's ability to continue as a going concern?
What are some situations that would require modification of the auditor's opinion related to going concern? What is the auditor's responsibility for assessing a client's ability to continue as a going concern?

What types of opinions does an auditor issue other than unqualified? How does an opinion other than unqualified affect the client? In your opinion, which is the worst? What are the circumstances that warrant each type of opinion?

Solution Preview

The last steps in an audit are to obtain the attorney letter, get management to sign the letter of representation, complete the subsequent events testing, complete a concurring partner review, read the disclosure checklists, get the management certification of the financial statements, prepare a management letter and summarize the adjustments for the client. Most crucial should be agreement with the client for adjustments, the certification and the letter of rep. Unless the auditor and the client can agree on the presentation, the audit might not be completed.

Other types of reports issued by auditors ...

Solution Summary

The 395 word solution offers an explanatory paragraph in response to each group of questions, covering concepts like items to be completed to finalize an audit, types of reports and post-audit modifications.