411: Chapter 3 Audit Reports (Other That Suar)

Front 1

Audit Repor: users ___ on to provide _____ in FS and used to explain _____ and _____ of _____taken for FS

Back 1

rely on audit report to provide ASSURANCE in fs and used to explain character and degree of responsbility taken for fs

Front 2

7 Parts to an SUAR:

Back 2

Report Tittle
Address
Introductory
Scope
Opinion
Name of Firm
Audit Report Date

Front 3

Introductory Par says 3 things:

Back 3

audit has been done
which FS have been audited
that FS are responsbility of management and firms repons is to provide assurance

Front 4

Scope par says 2 things

Back 4

how audit designed and to provide reasonable assurance that fs is free of mistatement

Front 5

Opinion indicates that

Back 5

conclusion was based on professional judgement and that followed GAAP or IFRS

Front 6

Use the SUAR if...
All FS (which are...) ______
_____ have been followed according to _______
______ has been accumulated
No circumstance to add ____ or _____
In accordance with ______

Back 6

(bs, is, cf, r/e) included
standards, engagement
sufficient evidence
explanatory paragraph or mod wording
which ever principles

Front 7

Unqualified w/ Explanatory Paragraph
- # of paragraphs
- explanatory par is...

Back 7

4

after opinion

Front 8

Reasons why you would use Unqualified w/ Explanatory or modified
(explain)
- Consistency Exception
- change in computing depreciation
- substantial doubt about going concern
- auditor agrees with departure from gaap
- emphasis of matter
- reports involving other auditors (assume all respon, share respon, no respon or material qualification)

Back 8

- change affecting consistency such change in acc principle/reporting entities like adding an add company/correction of errors involving princples
- depreciation
- significant recurring losses, inability to pay debt, occurence of catatrophes, legal proceedings (for reasonable period)
- due to perhaps a federal legislation that has not yet reached gaap
- impt events before/after balance sheet date
- (all - SUAR, share - MODIFIED wording, none - qualified

Front 9

Two reasons for qualifications, and what you would do is based on ______

Back 9

GAAP Departure and Limitation of Scope; materiality

Front 10

Material and GAAP Departure

Back 10

Qualified in opinion only

Front 11

Material and Limited Scope

Back 11

Qualified in Opinion and Scope

Front 12

High Material and GAAP Departure

Back 12

Adverse

Front 13

High Material and Limited Scope

Back 13

Disclaimer

Front 14

Any material and lack of independence

Back 14

DISCLAIMER!

Front 15

Qualified in opinion
-# par
- if new par, where
- any mod?

Back 15

4, before opinion, modified opinion

Front 16

Qualified in Opinon & Scope
-# par
- if new par, where
- any mod?

Back 16

4, before opinion, modified opinion and scope

Front 17

Adverse
-# par
- if new par, where
- any mod?

Back 17

4, before opinion, modified opinion

Front 18

Disclaimer

Back 18

3, before opinion, ELIMINATE SCOPE and modify intro and opinion

Front 19

Using IAAS and how comes into the audit reports
- what is modified to say that also used IAAS?

Back 19

- scope paragraph