Audit Opinion: Unqualified Report
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TPC wants to be ensured that the audit report for year-end 2005 is a standard unqualified audit report. Management has requested that you create a presentation about how to obtain an unqualified audit report. Include the following details:
- What are the circumstances that could prevent the external auditors from providing an unqualified report?
- What steps can be taken by TPC to address any concerns?
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This solution provides an audit opinion for an unqualified report.
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Audit Opinion: Unqualified Report
First, a standard unqualified audit report contains seven distinct parts which are as follows:
1. Report title - auditing standards require that the report be titled to include the word 'independent'
2. Audit report address - usually the report is addressed to the company, its stockholders or the board of directors
3. Introductory paragraph - this is the first paragraph of the report. Its purpose is to state that the audit firm has done an audit, list the financial statements audited, and that these financial statements are the responsibilities of the client's management and ...
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