The Audit Report Was Timely, but at What Cost?

2 February 2017

This is intended to distinguish the report from a compilation or review report. The scope paragraph (see part 4) clari? es what is meant by an audit. Second, it lists the ? nancial statements that were audited, including the balance sheet dates and the accounting periods for the income statement and statement of cash ? ows. The wording of the ? nancial statements in the report should be identical to those used by management on the ? nancial statements.

Notice that the report in Figure 3-1 is on comparative ? nancial statements. Therefore, a report on both yearsโ€™ statements is needed.Third, the introductory paragraph states that the statements are the responsibility of management and that the auditorโ€™s responsibility is to express an opinion on the statements based on an audit. The purpose of these statements is to communicate that management is responsible for selecting the appropriate generally accepted accounting principles and making the measurement decisions and disclosures in applying those principles and to clarify the respective roles of management and the auditor.

We will write a custom essay sample on
The Audit Report Was Timely, but at What Cost?
or any similar topic specifically for you
Do Not Waste
Your Time
HIRE WRITER

Only $13.90 / page

4. Scope paragraph. The scope paragraph is a factual statement about what the auditor did in the audit.

How to cite this essay

Choose cite format:
The Audit Report Was Timely, but at What Cost?. (2017, Feb 05). Retrieved October 18, 2019, from https://newyorkessays.com/essay-the-audit-report-was-timely-but-at-what-cost/
A limited
time offer!
Get authentic custom
ESSAY SAMPLEwritten strictly according
to your requirements