Process of Issuing Audit Report Essay

7795 Words Aug 15th, 2012 32 Pages
INTRODUCTION
A financial audit, or more accurately, an audit of financial statements, is the verification of the financial statements of a legal entity, with a view to express an audit opinion. The audit opinion is intended to provide reasonable assurance that the financial statements are presented fairly, in all material respects, and/or give a true and fair view in accordance with the financial reporting framework. The purpose of an audit is to enhance the degree of confidence of intended users in the financial statements.
The general definition of an audit is an evaluation of a person, organization, system, process, enterprise, project or product. The term most commonly refers to audits in accounting, but similar concepts also exist
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An auditor’s report is considered an essential tool when reporting financial information to users, particularly in business. Since many third-party users prefer, or even require financial information to be certified by an independent external auditor, many auditees rely on auditor reports to certify their information in order to attract investors, obtain loans, and improve public appearance. Some have even stated that financial information without an auditor’s report is “essentially worthless” for investing purposes.

ORIGIN OF THE REPORT
We are lucky to say that our honorable course teacher of Auditing,Md. Zakir Hosen, Assistant Professor& Chairman, Department of Accounting And Information System, PSTU has assigned us a report on “Process of issuing audit report”.This report is prepared on the basis of the data collected from various text books and other secondary source.

OBJECTIVE OF THE REPORT
To comply with the requirement of our study we have defined the following objectives-
1. To have the idea about the concept and need of issuing audit report.
2. To get the knowledge about the process of issuing and audit report.
3. To identify the risk involved in audit process.
4. To explore the process

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