Purchase Solution

Issuing Audit Reports

Not what you're looking for?

Ask Custom Question

a) What are the different types of audit reports and when should each be used?

b) In what types of situations would an auditor be allowed to issue an unqualified audit report?

c) To what extent is the auditor liable for misstatements in the financial statements of the audited company?

Purchase this Solution

Solution Summary

This is a discussion on different types of audit reports and how different types are used situationally.

Solution Preview

Please be advised that the text of this work may be copy-protected, but may be used as a good comprehensive sample or guide to aid you. Multiple links have been provided to assist you. Please be sure to cite the references listed herein.

Note [As stated on Brainmass.com]: "We cannot do assignments for students. If it appears that this is what is requested, Postings may be Suspended."

Issuing Audit Reports

a) What are the different types of audit reports and when should each be used?

Unqualified opinion: An unqualified opinion states that the financial statements are presented fairly in conformity with GAAP. However, in some instances, the standard unqualified report may be modified without affecting the unqualified opinion issued on the financial statements.

Qualified Opinion: A qualified opinion is issued when the financial statements present the entity's financial position, results of operations, and cash flows in conformity with GAAP except for the matter of the qualification. Qualified opinions are issued, in some cases, when: (1) a scope limitation, or (2) a departure from GAAP ...

Purchase this Solution


Free BrainMass Quizzes
SWOT

This quiz will test your understanding of the SWOT analysis, including terms, concepts, uses, advantages, and process.

Business Ethics Awareness Strategy

This quiz is designed to assess your current ability for determining the characteristics of ethical behavior. It is essential that leaders, managers, and employees are able to distinguish between positive and negative ethical behavior. The quicker you assess a person's ethical tendency, the awareness empowers you to develop a strategy on how to interact with them.

Learning Lean

This quiz will help you understand the basic concepts of Lean.

Business Processes

This quiz is intended to help business students better understand business processes, including those related to manufacturing and marketing. The questions focus on terms used to describe business processes and marketing activities.

IPOs

This Quiz is compiled of questions that pertain to IPOs (Initial Public Offerings)