Avoid brevity and no handwriting. Thanks in advance
1. Describe the parts of the standard unqualified...
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Accounting
Avoid brevity and no handwriting. Thanks in advance
1. Describe the parts of the standard unqualified report.
2. Specify the conditions required to issue the standarsunqualified audit report.
3.Define the four categories of audit reports.
4. Compare consistency versus Comparability.
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following are the parts of standard unqualified report Report Title word independent must be used Address To stockholders but can also be to Company or Board of Directors 3Introductory ParagraphSays an audit has been doneLists FSs which were audited 4Managements Responsibility states that management is responsible for the FSs 5Auditors Responsibility Scope ParagraphAuditors are responsible for the opinion and Scope Tells what auditor Did during the audit Idea of reasonableness is presented here Focuses on fairness not the correct 6Opinion Paragraph conclusion which is an opinion based upon professional judgment not a guarantee 7Name and Address of CPA Firm city and state where are you8Audit Report Date date field work is completed Audit Report Date date field work is completed A standard unqualified audit report indicates that the opinion expressed is clean and managementsassertions in regard to the financial statements are usually found to be in conformance with generallyaccepted accounting principles
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