Bus 426 - Chapter 22

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Simon Fraser University
Business Administration
BUS 426
Michael Favere- Marchesi

Chapter 22 Auditor Reporting The Standard Independent Auditor’s Report Standard Unqualified Independent Auditor’s Report o Used when all auditing conditions have been met, no significant misstatements have been discovered and left uncorrected, and the auditor believes that the financial statements are fairly stated in accordance with GAAP  Specific Conditions to Issue an Unqualified Report o An audit engagement has been undertaken o GAAP has been followed by the auditor o Sufficient evidence to support opinion o Financial statements are fairly presented with GAAP o Opinion of the auditor does not have to be modified or explained with an additional paragraph  Parts of an Unqualified Report o Report Title o Addressee o Introductory statement o Management responsibility o Auditor responsibility o Opinion paragraph o Signature, Name of public accounting firm o Date of the auditor’s report o Auditor’s Address How Auditors Provide Additional Information  Four Categories of Auditor’s Report o Standard Unqualified: Conditions have been met o Unqualified with Explanatory Paragraph: Conditions have been met, but auditor feels that it is important to provide further additional information o Qualified: Financial statements are fairly presented, except for…, the sco
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