The Auditor's Standard Report for Non Public companies and the Auditor's Standard Report for Public companies are located on pages 672/673 and 674, respectively, in the text. Please read these two Standard Reports (carefully) and discuss the following:
1. The Non-public Report has paragraph headings (Management's Responsibility, Auditor's Responsiblity, etc) while the Report for Public companies does not. Discuss which format you like better, and why.
2. The AICPA is considering moving the Opinion paragraph on the Non-public Report to the top of the Report. The Opinion paragraph would appear after the "we have audited" paragraph. Do you think that is a change that is needed or not?
3. On the Public company Report - the last paragraph discusses the Auditor's Report on Internal Control over Financial Reporting. In you opinion, should Auditor's provide an Internal Control report for all audit clients?