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Issuing Audit Reports Simulation
Stakeholders in companies rely on the auditors for confirmation that financial information is accurate. The auditor's opinions and observations are presented to interested parties in the form of the audit report. Any reservations the auditor may have to the fairness of the financial statements is stated in the audit report. Also included is a summary of any justified departures from generally accepted accounting principles (GAAP) and their effects.
There are five basic types of financial audit reports. A standard unqualified report is issued when there are no material violations with GAAP, all proper disclosures are included, and the auditor is independent and received all information necessary to proceed with the audit. There can also be no changes in accounting principles that had material affect on the financial statements and the auditor should have reason to believe that the client will not be a going concern. This is the most common and......

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Approximate Word Count: 437
Approximate Pages: 2 (250 words per double-spaced page)

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