tailieunhanh - Lecture Auditing & assurance services (5th) - Chapter 12: Reports on audited financial statements
The learning objectives for this chapter include: Understand the types of reports that accompany an entity's financial statements and the content of the auditors' standard (unmodified) report, identify situations in which language in the standard (unmodified) report is modified and the type of opinion issued in those situations, identify situations in which auditors add explanatory language to an unmodified opinion. | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 12 Reports on Audited Financial Statements The television industry doesn’t like to see the complexity of the world. It prefers simple reporting, with simple ideas: this is white, that’s black; this is good, that’s bad. Filmmaker Krisztof Kieslowski 12- Reports Accompanying Financial Statements Prepared by Auditor Opinion on financial statements and related disclosures: Are F/S presented per applicable financial reporting framework (GAAP)? Opinion on internal control over financial reporting: Is I/C effective? Prepared by Management Opinion on internal control over financial reporting: Is I/C effective? 12- Types of Auditors’ Reports Standard report Expresses an unqualified opinion Unqualified opinion with modified wording F/S are in conformity with GAAP Additional matters are disclosed in report Qualified opinion “Except for” some matter, F/S are in conformity with GAAP Adverse opinion F/S are not in conformity with GAAP Disclaimer of opinion No opinion is issued by auditors 12- The Standard Report (Paragraphs) Introductory F/S and years examined Responsibility of auditors and management Scope Audit conducted in accordance with PCAOB standards Description of an audit (specific references to “test basis,” “materiality,” and “significant estimates”) Audit provides reasonable assurance Opinion Are F/S presented in conformity with applicable financial reporting framework (GAAP)? Internal Control References examination, report, and opinion on internal control 12- Independent Auditors’ Report (AS 5) Report of Independent Registered Public Accounting Firm To the Board of Directors and Shareholders DUNDER-MIFFLIN, INC. We have audited the accompanying balance sheets of DUNDER-MIFFLIN, INC. as of December 31, 2012 and 2011, and the related statements of income, shareholders’ equity, and cash flows for each of the years in the three-year period . | Copyright © 2013 by The McGraw-Hill Companies, Inc. All rights reserved. McGraw-Hill/Irwin Chapter 12 Reports on Audited Financial Statements The television industry doesn’t like to see the complexity of the world. It prefers simple reporting, with simple ideas: this is white, that’s black; this is good, that’s bad. Filmmaker Krisztof Kieslowski 12- Reports Accompanying Financial Statements Prepared by Auditor Opinion on financial statements and related disclosures: Are F/S presented per applicable financial reporting framework (GAAP)? Opinion on internal control over financial reporting: Is I/C effective? Prepared by Management Opinion on internal control over financial reporting: Is I/C effective? 12- Types of Auditors’ Reports Standard report Expresses an unqualified opinion Unqualified opinion with modified wording F/S are in conformity with GAAP Additional matters are disclosed in report Qualified opinion “Except for” some matter, F/S are in conformity with GAAP .
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