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Overview
An audit report is written to provide a professional opinion of an organization’s financial performance. It is used by organizational boards and nonprofit organizations to understand the company’s financial status and to make comparisons from year to year about growth and stability. The report summarizes the company’s assets and liabilities to ascertain whether they are free of material misstatement. It helps determine where investors choose to invest. There are four types of audit opinion. Companies hope for a clean or unqualified report, but if they receive a report that is not unqualified, meaning there are some inconsistencies or misstatements, the report may be deemed qualified, and those areas must be addressed. If major concerns exist, the auditors may distance themselves from the company by issuing a disclaimer opinion or an adverse audit report.
Directions
Begin by reading AS 3101: The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion document found in the Supporting Materials section below. Use the verbiage found in AS 3101 to fill in sections of the audit report. Within the reading, you will identify the parts of an audit report to complete the Audit Report Template found in the What to Submit section. In the Supporting Materials section, you will find the Audit Report Supporting Data that will help you complete the audit report including the section called Challenge the Audit Opinion because it shows how critical audit matters are evaluated and supported. This final section allows you to apply critical thinking skills to think like an auditor about critical matters.
Specifically, you must address each section of the Audit Report Template using the following rubric criteria:
Write an audit summary.
Identify the audit objectives of the report.
Explain the basis for an audit opinion.
Describe the critical audit matters:Determination
Communication
Documentation
Challenge the audit opinion: Challenge the basis for an unqualified opinion.Identify areas of concern.
Justify your concerns.
What to Submit
Submit the Module Five Audit Report Template as a 1- to 2-page Microsoft Word document. Sources should be cited according to APA style.
Supporting Materials
The following resources support your work on the assignment:
Website:AS 3101: The Auditor’s Report on an Audit of Financial Statements When the Auditor Expresses an Unqualified Opinion
Resource: Module Five Audit Report Supporting Data
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