Basic Elements of Audit Report. When field work was finished on December 31, 20X0, the following standard unqualified auditor's report was given by Eldridge and Lloyd, Chartered Accountants (CAs), of Surrey, England:
Auditor's Report We have audited the accompanying financial statements. In our opinion, the financial statements correctly show the account balances and comply with the Companies Acts 1948 to 1981. Eldridge and Lloyd, CAs
Required:
A. List the basic elements that should appear in an unqualified auditor's report.
B. List and explain the deficiencies and omissions in the Eldridge and Lloyd auditor's report.